One-hundred and forty-four organizations requested more than $1.1 billion in fiscal year (FY) 2023 round Capital Magnet Fund (CMF) financing, according to an update from the Community Development Financial Institutions (CDFI) Fund released today. Organizations in 49 states as well as the District of Columbia, Puerto Rico and Guam applied. Of those applying, 42% are certified CDFIs and 58% are nonprofit housing organizations. As much as $320.6 million is available in the FY 2023 round.

Novogradac’s CDFI team offers accounting and consulting expertise on a broad range of activities, including CMF application support and strategic guidance.