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Capital Magnet Fund Applicants Request $609 Million

Thursday, April 21, 2016 - 10:15AM

The Community Development Financial Institutions (CDFI) Fund today announced that under the fiscal year (FY) 2016 round of the Capital Magnet Fund, 125 applicants requested an aggregate $609.1 million in awards, far exceeding the $93.5 million available. The CDFI Fund also announced that it would forward all eligible applicants to the external qualitative review stage, allowing all applicants to receive a full review. The Capital Magnet Fund offers competitive grants to CDFIs and nonprofit affordable housing providers to finance affordable housing and community revitalization efforts that serve low-income populations.

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