CDFI Fund Awards $130.9 Million in FY 2019 Round of Capital Magnet Fund
The Community Development Financial Institutions (CDFI) Fund today awarded $130.9 million to 38 organizations for the development of affordable housing and community facilities in low-income communities through the fiscal year 2019 round of the Capital Magnet Fund. The awards will support financing for preservation, rehabilitation, development or purchase of affordable housing for low-income communities. The funds will also contribute to economic development and community service facilities such as day care centers, workforce development centers and health care clinics. Awardees are required to leverage awards with other private and public investment by at least 10 to 1, guaranteeing that a minimum of $1.3 billion will be invested in eligible projects.