CDFI Fund Awards $91.5 Million through Capital Magnet Fund
The Treasury Department’s Community Development Financial Institutions Fund today awarded 32 organizations more than $90 million in grants for the development of affordable housing and community facilities in low-income communities through the Capital Magnet Fund. The 32 awardees collectively serve 37 states and the District of Columbia. The $91.5 million in awards will be used for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities, as well as related economic development and community service facilities. Funding for the Capital Magnet Fund comes through allocations from Fannie Mae and Freddie Mac. These are the first awards since 2010.