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CDFI Fund: FY 2024 CMF Applicants Request More than $1 Billion in Funding

Thursday, May 30, 2024 - 9:54AM

Organizations requested more than $1 billion in funding through the Community Development Financial Institutions (CDFI) Fund’s Capital Magnet Fund (CMF) program for the fiscal year 2024 round, more than four times the amount available. The CDFI Fund announced today that 136 organizations submitted applications by the April 16 deadline, requesting more than $1.06 billion in funding. Approximately $246.5 million is available to CDFIs and qualified nonprofit housing organizations to finance affordable housing and related economic development activities and community service facilities in the ninth round of CMF funding. This year’s applicants propose to serve all 50 states, the District of Columbia, Puerto Rico and Guam. The CDFI Fund expects to announce the winners this fall.

A CDFI Fund Insiders panel is one of the sessions at the Novogradac 2024 Spring New Markets Tax Credit Conference, June 6-7 in Washington, D.C.

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