Capital Magnet Fund Applicants Request More Than $570 Million
The Community Development Financial Institutions (CDFI) Fund today announced that 116 organizations submitted eligible applications requesting more than $570 million in funding under the fiscal year (FY) 2018 Capital Magnet Fund round, compared to the $143 million in awards available. Fifty-seven percent of applicants are certified CDFIs and the remaining 43 percent are nonprofit affordable housing organizations. The awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities. The applicants propose to serve 49 states, the District of Columbia and Puerto Rico. The CDFI Fund expects to announce awards in early 2019.