CDFI Fund Announces $321 Million in FY 2023 Capital Magnet Fund Awards

Wednesday, October 4, 2023 - 9:30AM

The Community Development Financial Institutions (CDFI) Fund today announced that 52 organizations were awarded $321.2 million through the fiscal year 2023 (FY 2023) round of the Capital Magnet Fund (CMF). CMF awards are used for the development, preservation, rehabilitation or purchase of affordable housing and for community facilities serving low-income communities, such as day care centers, workforce development centers and health care clinics. Awardees are required to leverage their awards with public and private investment by a ratio of at least 10 to 1. FY 2023 awardees anticipate these awards will leverage more than $8.6 billion in private investment and plan to develop more than 32,000 affordable housing units.  The awardees serve 48 states, the District of Columbia, Puerto Rico and Guam. A total of 144 organizations applied for CMF awards, requesting more than $1.1 billion.

The work of the CDFI Fund, including CMF awards and new markets tax credits (NMTCs), will be a topic at the Novogradac 2023 Fall New Markets Tax Credit Conference, Oct. 26-27 in New Orleans.

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