CDFI Fund Announces Nearly $1 Billion in Requests in CY 2021 CMF Applications

Tuesday, December 14, 2021 - 8:45am

The Community Development Financial Institutions (CDFI) Fund today announced that 146 organizations submitted applications requesting more than $991.8 million in funding in the fiscal year 2021 (FY 2021) round of the Capital Magnet Fund (CMF) program. The application period closed Nov. 9 and up to $380.2 million in funding is available, with awards announced this spring. Through the CMF, the CDFI Fund awards CDFIs and qualified nonprofit housing organizations funds to finance affordable housing activities and related economic development activities and community service facilities. The CDFI Fund said half the applicants are certified CDFIs and half are nonprofit housing organizations.

The use of the CMF and other federal funding for housing will be a topic at the Novogradac 2022 Affordable Housing Developers Conference, Jan. 13-14, 2022, in San Juan, Puerto Rico.