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.
An organization applying for a CMF Award must either: (1) be currently certified as a CDFI by the CDFI Fund; (2) have an application for CDFI certification pending with the CDFI Fund, provided such application was submitted prior to the due date specified in the applicable NOFA; or (3) be a nonprofit organization having as one of its principal purposes the development or management of affordable housing. All Applicants (regardless of entity type) must demonstrate that they have been in existence as a legally formed entity for at least three years prior to the FY 2010 Funding Round Application deadline.
- NOFA Released: March 4, 2010
- Application Due: April 15, 2010
- Award Announcement: October 14, 2010