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CDFI Fund Awards $120 Million in FY 2017 Capital Magnet Fund Round

Friday, March 16, 2018 - 8:15AM

The Community Development Financial Institutions (CDFI) Fund awarded $120 million to 40 organizations today for the development of affordable housing and for activities related to economic development in low-income communities through the fiscal year (FY) 2017 round of the Capital Magnet Fund (CMF). The CDFI Fund selected awardees from a pool of 120 applicants requesting nearly $540 million for affordable housing investments. Awardees include 25 CDFIs and 15 nonprofit housing organizations who will collectively serve 40 states and the District of Columbia. Novogradac & Company LLP estimates that $143 million will be available for CMF awards from 2017 Fannie Mae and Freddie Mac allocations. The CDFI Fund also published the FY 2017 CMF application process.

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