3-25 CDFI Fund Issues Capital Magnet Fund NOFA, Proposed Rule :: The Construction Management Pro

3-25 CDFI Fund Issues Capital Magnet Fund NOFA, Proposed Rule

 

The Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has issued a Notice of Funds Availability (NOFA) for the Capital Magnet Fund program. This NOFA opens the inaugural application round of the Capital Magnet Fund, under which $80 million in FY 2010 funding will be made available to certified community development financial institutions (CDFIs) and non-profit housing organizations to support the financing of affordable housing and related economic development activities and community service facilities. The CDFI Fund simultaneously issued a proposed rule for the new program.

The Capital Magnet Fund was authorized under the Housing and Economic Recovery Act of 2008 and is intended to provide competitively awarded grants to certified CDFIs and nonprofit organizations “having as one of their principal purposes the management or development of affordable housing.” Capital Magnet Fund awards must be used to support affordable housing activities, though awardees may use up to 30 percent of their awards to finance community service facilities and economic development activities. According to the CDFI Fund press release, “applicants may apply for up to $12 million (15 percent of the aggregate award pool of $80 million) under this application round.”  Applications are due by 5:00 p.m. EDT on Thursday, April 15.

Source: NAHRO

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