Today, the U.S. Department of Treasury’s CDFI Fund announced 38 recipients of the FY 2018 Capital Magnet Fund Award, totaling $142.9 million in grants. OFN congratulates all awardees, especially our 19 members, who received $70.64 million, 49.4 percent of the amount awarded.
- BlueHub Capital, Inc.
- Century Housing Corporation
- Community First Fund
- Enterprise Community Loan Fund, Inc.
- Genesis Fund, Inc.
- Genesis LA Economic Growth Corporation
- Grow South Dakota
- Hope Federal Credit Union
- The Housing Partnership Fund, Inc.
- Housing Trust Silicon Valley
- Low Income Investment Fund
- Mercy Loan Fund
- Midwest Housing Development Fund, Inc.
- National Housing Trust Community Development Fund
- New Hampshire Community Loan Fund, Inc.
- Ohio Capital Finance Corporation
- Self-Help Ventures Fund
- People Incorporated
To read the full press release, click here.
Of the 38 recipients, 24 are CDFIs and 14 are affordable housing developers. Recipients will leverage investment opportunities and increase access to affordable housing options and community facilities for underserved rural and urban communities across 39 states, the District of Columbia, and Puerto Rico.
OFN is closely monitoring housing finance reform proposals in the 116th Congress for their potential impact on the Capital Magnet Fund, and we will continue to advocate for this important source of capital for affordable housing and economic development.
The Capital Magnet Fund was created through the Housing and Economic Recovery Act of 2008. Funded through contributions from Government Sponsored Enterprises Freddie Mac and Fannie Mae (GSEs), the Capital Magnet Fund provides competitively awarded grants to CDFIs and nonprofit housing organizations to develop, rehabilitate, preserve, and purchase affordable housing.