|
CDFI Fund Releases Public Comments Submitted for the Capital Magnet Fund
July 1, 2010
Washington, DC– The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it has posted the comments submitted in response to its Request for Public Comment related to the Capital Magnet Fund.
The Capital Magnet Fund was established through the Housing and Economic Recovery Act of 2008, which added Section 1339 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (the Act), 12 U.S.C. 4569. Section 1339 established the Capital Magnet Fund as a program that will be administered by the CDFI Fund.
Through the Capital Magnet Fund (CMF), the CDFI Fund will provide competitively awarded grants to CDFIs and qualified nonprofit housing organizations. CMF awards can be used to finance affordable housing activities as well as related economic development activities and community service facilities. Awardees will be able to utilize financing tools such as loan loss reserves, loan funds, risk-sharing loans, and loan guarantees to produce eligible activities whose aggregate costs are at least ten times the size of the award amount.
The Federal Register Request for Public Comment notice, published on March 15, 2010, specifically invited comments and suggestions regarding the Capital Magnet Fund.
The results of the Request for Public Comment appear below.
Public Comments
The Federal Register notice requesting Public Comment on the Capital Magnet Fund may be viewed here.
For more information on the CDFI Fund and its programs, please visit: www.cdfifund.gov
-30-
[CDFI-2010-33]
|
