Capital Magnet Fund

Capital Magnet Fund

The Capital Magnet Fund offers competitively awarded grants to finance affordable housing solutions and community revitalization efforts that benefit low-income people and communities nationwide. This is the real change that communities recognize. From one $80 million award round in FY 2010, the Capital Magnet Fund has:

  • Generated more than $1 billion of combined investment
  • Generated $12 of private investment for every $1 of federal funding
  • Created over 9,000 affordable homes

View the Capital Magnet Fund Fact Sheet › (English / Español).
View the Capital Magnet Fund Interim Impact Assessment Report ›

Opening Date
February 2, 2016


Deadline


Announcement Date
September 22, 2016

​​​​​​​Overview

Low-income families across America experience difficulty finding affordable housing, with many spending over half of their paychecks on rent. This burden leaves little income for other necessities such as food, medical care, transportation, and savings – essential services that are often not readily available in low-income communities. The Capital Magnet Fund was created to spur investment in affordable housing and related economic development efforts that serve low-income families and low-income communities across the country.

Through the Capital Magnet Fund, the CDFI Fund provides competitively awarded grants to CDFIs and qualified non-profit housing organizations. These awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities. Awardees are able to utilize funds to create financing tools such as loan loss reserves, revolving loan funds, risk-sharing loans, and loan guarantees. Organizations that receive Capital Magnet Fund awards are required to produce housing and community development investments at least ten times the size of the award amount, generating a multiplier effect that means that more low-income people and low-income communities nationwide will have housing options within their financial reach.

For more information, please see our Capital Magnet Fund Interim Impact Assessment Report.

Reference Documents

Eligibility

Capital Magnet Fund Applicants must be:

  • A certified CDFI, or
  • A non-profit organization operating with a principal purpose of developing or managing affordable housing solutions

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 funding round application deadline.

For more detailed information, please refer to the Notice of Funds Availability (NOFA).

Are you an individual or business seeking a loan?

Click here to learn how to find CDFIs and CDEs that are providing services in your community.

 

 

Certification https://www.cdfifund.gov/programs-training/Programs/cmf/Lists/CDFI CMF Steps/DispForm.aspx?ID=5Certification Step 11CDFI Certification/programs-training/Programs/cmf/Pages/cdfi-certification-step.aspx#step1
Applyhttps://www.cdfifund.gov/programs-training/Programs/cmf/Lists/CDFI CMF Steps/DispForm.aspx?ID=1ApplyStep 22Timeline| Application Materials/programs-training/Programs/cmf/Pages/apply-step.aspx#step2
Award Announcementhttps://www.cdfifund.gov/programs-training/Programs/cmf/Lists/CDFI CMF Steps/DispForm.aspx?ID=2Award AnnouncementStep 33Award Announcement/programs-training/Programs/cmf/Pages/award-announcement-step.aspx#step3
Closing and Disbursementhttps://www.cdfifund.gov/programs-training/Programs/cmf/Lists/CDFI CMF Steps/DispForm.aspx?ID=3Closing and DisbursementStep 44Closing and Disbursement/programs-training/Programs/cmf/Pages/closing-disbursement-step.aspx#step4
Compliance and Reportinghttps://www.cdfifund.gov/programs-training/Programs/cmf/Lists/CDFI CMF Steps/DispForm.aspx?ID=4Compliance and ReportingStep 55Compliance and Reporting/programs-training/Programs/cmf/Pages/compliance-step.aspx#step5

 

 

Awardshttps://www.cdfifund.gov/Lists/CDFI Tools Resources/DispForm.aspx?ID=6AwardsLooking for more about Awards for this program? Find it on our Awards page<img alt="" src="/Style%20Library/cdfi/pic-highlight1.jpg" style="BORDER:0px solid;" />/awards/state-awards/Pages/default.aspx

 

 

Our Impacthttps://www.cdfifund.gov/Lists/CDFI Tools Resources/DispForm.aspx?ID=7Our ImpactLearn more about the impact of the CDFI Fund on our Impact Blog<img alt="" src="/Style%20Library/cdfi/pic-highlight1.jpg" style="BORDER:0px solid;" />/impact/Pages/default.aspx

CDFI Fund Tools & Resources

 

 

Community Investment Impact Systemhttps://www.cdfifund.gov/Lists/CDFI Tools Resources/DispForm.aspx?ID=1Community Investment Impact Systemicon-checkmarkHome;#0x0100178F0095A2AE7A4FBED67E33256F670E0400E5EE0B704BCEE64CA003554D82DE23E21/Pages/ciis.aspx
CIMS Mapping Toolhttps://www.cdfifund.gov/Lists/CDFI Tools Resources/DispForm.aspx?ID=2CIMS Mapping Toolicon-mapHome;#0x0100178F0095A2AE7A4FBED67E33256F670E0400E5EE0B704BCEE64CA003554D82DE23E22/Pages/mapping-system.aspx
AMIShttps://www.cdfifund.gov/Lists/CDFI Tools Resources/DispForm.aspx?ID=3AMISicon-communityHome;#0x0100178F0095A2AE7A4FBED67E33256F670E0400E5EE0B704BCEE64CA003554D82DE23E23http://amis.cdfifund.gov