The Community Development Financial Institutions Fund (CDFI Fund) is tentatively planning to open the fiscal year (FY) 2017 round of the Capital Magnet Fund in June 2017. For this award round, the CDFI Fund estimates that up to $120 million will be available for Capital Magnet Fund awards. The Capital Magnet Fund supports financing for the development, rehabilitation, preservation, or purchase of affordable housing for economically distressed communities, as well as related economic development projects and community service facilities such as workforce development centers and health care clinics.

Last year, the CDFI Fund awarded $92.47 million in Capital Magnet Fund awards to 32 organizations. These investments are projected to result in approximately 17,000 affordable rental and homeownership housing units, more than 17,000 jobs, and more than $2.2 billion in private investment in affordable housing and economic development activities. Additionally, 28 percent of recipients plan to invest the majority of their award in non-metropolitan areas, and at least 36 states and the District of Columbia will be served by these awards.

To help potential applicants prepare as much as possible in advance of the publication of the FY 2017 Notice of Funding Availability (NOFA) in the Federal Register, the CDFI Fund will be providing updated information, educational opportunities, and guidance on the Capital Magnet Fund over the next several weeks.

Refresh Your Memory

The CDFI Fund maintains a robust amount of information on the Capital Magnet Fund on its website at  www.cdfifund.gov/cmf. There, you can find information about the purpose of the program, review guidance materials for previous application rounds, and discover the long-term impact of Capital Magnet Fund awards by reading the Capital Magnet Fund Interim Impact Assessment Report.

The CDFI Fund recommends potential applicants for the upcoming FY 2017 round review the Capital Magnet Fund's authorizing statute in particular to learn more about the program.

Ask Questions

The CDFI Fund will hold an informational conference call on May 10, 2017 to provide an overview of the Capital Magnet Fund program and answer initial questions. CDFI Fund staff will provide a basic outline of the program's structure and requirements to help organizations learn more about the program.

Capital Magnet Fund Conference Call
Advance registration is not required to attend.
Date: May 10, 2017
Time: 3:00-4:00 p.m. EDT
Call: 1-888-469-1577
Passcode: 1415620

This call is not an application workshop or training. More information regarding the FY 2017 Capital Magnet Fund application will be available when the NOFA is released later this year.

Reminder: AMIS, Grants.gov, and SAM.gov Accounts

It is recommended potential applicants take ample time before the application period opens to confirm that required accounts are all up-to-date.

• AMIS: The CDFI Fund's Awards Management Information System (AMIS) is an enterprise-wide business system developed to replace a number of legacy systems and to serve as a modern platform to eventually support all CDFI Fund programs through each phase of the programs' life cycle.

  All Applicants must use AMIS to create, complete, and submit application materials for the Capital Magnet Fund this year. First-time AMIS users may want to create an AMIS account in preparation for the application release. The AMIS Quick Start Guide provides guidance for first-time users on how to create an AMIS account. Please see the NOFA when it is released for more information on submitting the Capital Magnet Fund application in AMIS.

• Grants.gov: In addition to the application materials submitted through AMIS, all Applicants are required to submit a SF-424 electronically through Grants.gov. The SF-424 will be found in Grants.gov under the funding opportunity number for the program when the NOFA is released.

  Applicants that do not submit an SF-424 electronically through Grants.gov by the stated deadline will not be eligible to submit application materials in AMIS.

• SAM.gov: In order to submit the necessary SF-424 form via Grants.gov, Applicants must have an active System for Awards Management (SAM) account. Each Applicant is advised to first make sure its SAM.gov account is active and valid before beginning its preparation of the other Application materials in Grants.gov or AMIS. First time Applicants may need to create SAM.gov or Grants.gov accounts. Applicants with existing SAM.gov accounts should check to make sure their accounts are active and up-to-date as these accounts may expire. Applicants should allow ample time to complete the entire registration and submission process well in advance of the application deadline. The SAM.gov website is www.SAM.gov.

 Learn More

To learn more about the Capital Magnet Fund, please visit  www.cdfifund.gov/cmf or view the program's fact sheet. More information about the CDFI Fund's other programs and the impact of community development organizations across the country can be found at www.cdfifund.gov.