On February 22, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced more than $175 million in grants to 27 CDFIs and 21 affordable housing developers through the fiscal year FY 2020 round of the Capital Magnet Fund (CMF) program.
The FY 2020 awards marks the sixth and largest round of CMF to date – both in dollar amount awarded and number of organizations receiving awards. OFN congratulates all recipients, especially our members who received $76.7 million, more than 43 percent of the amount awarded:
- BlueHub Loan Fund, Inc.
- Century Affordable Development
- Cinnaire Lending Corporation
- City First Enterprises, Inc.
- Clearinghouse Community Development Financial Institution
- Community Development Corp. of Brownsville
- Community Housing Capital, Inc.
- Corporation for Supportive Housing
- Finance Fund Capital Corporation
- Genesis LA Economic Growth Corporation
- Greater Minnesota Housing Fund
- Grow South Dakota
- Habitat for Humanity International
- Home Headquarters, Inc.
- Housing Assistance Council
- Local Initiatives Support Corporation
- Low Income Investment Fund
- Mercy Community Capital
- National Housing Trust Community Development Fund
- Rural Community Assistance Corporation
- Self-Help Credit Union
- The Affordable Housing Trust for Columbus and Franklin County
- Virginia Community Capital, Inc.
The CMF program was created through the Housing and Economic Recovery Act of 2008 (HERA). Funded through contributions from Government Sponsored Enterprises Freddie Mac and Fannie Mae (GSEs), CMF grants support the financing of affordable housing, economic development activities, and community service facilities.
CMF awardees are evaluated and selected through a competitive application process. The CDFI Fund is currently accepting comments on the Capital Magnet Fund application and Annual Performance Report. Comments are due on March 1, 2021. For more information, visit the CDFI Fund’s website.