|Community Development, Housing|
|State or Federal?|
|Through the Capital Magnet Fund, the CDFI Fund provides competitively awarded grants to Community Development Financial Institutions (CDFIs) and qualified non-profit housing organizations. These awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities. Awardees are able to utilize funds to create financing tools such as loan loss reserves, revolving loan funds, risk-sharing loans, and loan guarantees. Organizations that receive Capital Magnet Fund awards are required to produce housing and community development investments at least ten times the size of the award amount, generating a multiplier effect that means that more low-income people and low-income communities nationwide will have housing options within their financial reach.|
Eligible applicants are certified Community Development Financial Institutions (CDFIs) or nonprofit organizations operating with a principal purpose of developing or managing affordable housing solutions. All Applicants (regardless of entity type) must demonstrate that they have been in existence as a legally formed entity for at least three years prior to the funding round application deadline.
Awards must support or finance activities that attract private capital for and increase investment in:
- the development, preservation, rehabilitation, or purchase of affordable housing for primarily low-, very-low, and extremely low-income families
- economic development activities (no more than 30% of an award)
Awards can provide loan loss reserves, capitalize a revolving loan fund, capitalize an affordable housing fund, capitalize a fund to support economic development activities, provide risk-sharing loans, or provide loan guarantees.
|Most Recent/Current Due Date|
|Sep 17, 2018|
|Due Date Notes|
The application submission deadline is September 17, 2018, 5:00pm Eastern Time.
Prior to the application submission deadline, applicants must:
- Submit the SF-424 form via Grants.gov by August 20, 2018, 11:59pm Eastern Time
- Create an organizational account in AMIS by August 27, 2018, 11:59pm Eastern Time
Applicants can contact the CDFI with application questions up until September 13, 2018, 5:00pm Eastern Time.
|Most Recent RFP Release Date|
|Jul 20, 2018|
|Total Possible Multi-Year Award|
|Annual or Multi-Year?|
The CDFI Fund is conducting three targeted live webinars to provide a forum to answer applicant questions about the FY 2018 Capital Magnet Fund Application. Advance registration is not required to participate in the webinars. Access the webinars by visiting: https://www.cdfifund.gov/programs-training/Programs/cmf/Pages/apply-step.aspx
Webinars will be held on July 31st, August 2nd, and August 8th.
|Department of the Treasury, Community Development Financial Institutions Fund|
|Total Amount Available for All Grants|
The CDFI Fund plans to award approximately $142.9 million in grants under this NOFA. No more than 15% of the total available can be awarded to any applicant, its subsidiaries and affiliates in the same funding round.
The CDFI Fund notes that in the FY 2017 CMF round, the statutory cap was $18 million, but the largest amount awarded was $7.5 million, while the average award was $3 million.
Link to Further Information