20 OFN Members Receive Grants for Affordable Housing
On February 25, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced 38 recipients of the FY 2019 Capital Magnet Fund (CMF) Award totaling $130.9 million in grants. CMF awards can be used to finance affordable housing and economic development activities as well as community service facilities.
Congratulations to all recipients of the FY 2019 CDFI Fund CMF Awards, including the following OFN members who received $68.4 million of the total funds granted:
- Atlanta Neighborhood Development Partnership, Inc
- BlueHub Loan Fund, Inc.
- Century Housing Corporation
- Cincinnati Development Fund, Inc.
- Cinnaire Lending Corporation
- Clearinghouse Community Development Financial Institution
- Community First Fund
- Community Loan Fund of New Jersey, Inc.
- Enterprise Community Loan Fund, Inc.
- Genesis LA Economic Growth Corporation
- Homewise, Inc.
- Hope Federal Credit Union
- NewWest Community Capital, Inc.
- Ohio Capital Finance Corporation
- Reinvestment Fund, Inc., The
- Resident Ownership Capital, LLC dba ROC USA Capital
- Rural Community Assistance Corporation
- San Luis Obispo County Housing Trust Fund
- Virginia Community Capital
Of the 38 recipients, 23 are CDFIs and 15 are nonprofit housing developers. Recipients will leverage investment opportunities and increase access to affordable housing options and community facilities for underserved rural and urban communities across 44 states, the District of Columbia, and Puerto Rico.
The CMF was created through the Housing and Economic Recovery Act (HERA) of 2008. The program serves as a critical source of capital for CDFIs and provides competitively awarded grants to CDFIs and nonprofit housing organizations to develop, rehabilitate, preserve, and purchase affordable housing.
Additionally, HERA requires Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (GSEs), to contribute 35 percent of 4.2 basis points of annual new business purchases to the CMF. UPDATE: On February 27, the Federal Housing Finance Agency (FHFA) authorized $175.8 million (35 percent) to be transferred to the U.S. Treasury for the GSE’s 2020 allocations.