The Community Development Financial Institutions (CDFI) Fund today opened the fiscal year (FY) 2023 funding round for the Capital Magnet Fund (CMF). The CDFI Fund plans to award up to $320.6 million to CDFIs and qualified nonprofit housing organizations through the FY 2023 round to finance affordable housing and related economic development and community service facilities. There was no CMF FY 2022 round, so 2022 funding from Fannie Mae and Freddie Mac will be added in this round. The 2023 round will allow applicants to apply for an award for the first time as a member of a consortium of two to five CDFIs or nonprofit affordable housing developers or managers. All applicants must first submit a SF-424 mandatory fund through Grants.gov. The deadline for the submission of the SF-424 is Feb. 23 at 11:59 p.m. ET. Application materials are available on the CDFI Fund website. The application deadline is March 21 at 11:59 p.m. ET and the CDFI Fund will accept questions about the application until March 17 at 5 p.m. ET.

Novogradac’s CDFI team offers accounting and consulting expertise on a broad range of activities, including CMF application support and strategic guidance.