CMF Coalition Calls for Application Category for Smaller Applications and Additional Training from CDFI Fund
The Capital Magnet Fund (CMF) Coalition, an organization of CMF awardees and other stakeholders, last week sent a letter to the U.S. Department of Treasury recommending changes to how the Community Development Financial Institutions (CDFI) Fund administers the CMF program. The CMF Coalition letter recommends a separate application category for smaller applicants to which at least 10% of each year’s assessment would be allocated and for the CDFI Fund to use appropriations for its Capacity Building Initiative to provide training and technical assistance on the CMF program. The CMF Coalition also made 14 additional recommendations in the letter. The CMF program has awarded more than $1 billion through seven funding rounds to 139 organizations, including $336.4 million in June. The funds support financing for the preservation, rehabilitation, development or purchase of affordable housing as well as related development.
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