CDFI Fund Awards Nearly $175.4 Million in FY 2020 Round of Capital Magnet Fund

Monday, February 22, 2021 - 9:15am

The Community Development Financial Institutions (CDFI) Fund today awarded nearly $175.4 million to 48 organizations to finance the development of affordable housing and community facilities in low-income communities through the fiscal year (FY) 2020 round of the Capital Magnet Fund. CDFI Fund director Jodie Harris said that this is both the largest dollar amount ever awarded through the program and the largest number of awarded organizations in a single round. The awards will support financing for the 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 $1.75 billion will be invested in eligible projects. Awardees expect to attract nearly $5.3 billion with their FY 2020 Capital Magnet Fund awards, including more than $4.2 billion in private investment.