U.S. Treasury Announces Over $120 Million in Awards for Affordable Housing
March 16, 2018
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 40 organizations $120 million today for the development of affordable housing and related economic development activities in low-income communities. These awards were made through the fiscal year (FY) 2017 round of the Capital Magnet Fund, with funds available from the calendar year 2016 government-sponsored enterprises' allocations, and will support financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities; as well as related economic development and community service facilities such as workforce development centers, day care centers, and health care clinics. The Capital Magnet Fund was established through the HERA Act of 2008. This announcement follows a long evaluation and award process that has now been completed.
The awardees include 25 certified Community Development Financial Institutions and 15 non-profit housing organizations. They will collectively serve 40 states and the District of Columbia. The CDFI Fund selected the awardees after completing a merit-based competitive review of eligible applications submitted from 120 organizations that had requested nearly $540 million for investments in affordable housing.