U.S. Treasury Announces $142.9 Million in Awards for Affordable Housing Nationwide
February 13, 2019
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 38 organizations $142.9 million today for the development of affordable housing and community facilities in low-income communities. These awards were made through the fiscal year 2018 round of the Capital Magnet Fund, 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 day care centers, workforce development centers and health care clinics.
"Securing affordable housing continues to be a necessity for many Americans across the country,” said CDFI Fund Director Jodie Harris. “These awards will lead to increased availability of affordable housing in both rural and urban communities. More than 25,000 affordable housing units are projected to be developed as a result of these awards.”
The 38 awardees will collectively serve 39 states, the District of Columbia, and Puerto Rico. Nine of these awardees, or 24 percent, will invest at least half of their award dollars in Rural Areas. Of the 38 awardees, 24 are Community Development Financial Institutions (CDFIs) and 14 are non-profit housing organizations. The 38 awardees were selected after a merit-based competitive review of applications submitted from 116 organizations, which requested more than $570 million in awards this round of the Capital Magnet Fund.