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The CDFI Fund announced over $320 million in grants to 52 organizations for affordable housing, community facilities, and other economic development activity.
OFN congratulates the 52 recipients of Capital Magnet Fund program grants, announced on October 4 by the U.S. Department of the Treasury’s CDFI Fund. Collectively, these organizations, which include 29 CDFIs and 23 nonprofit affordable housing organizations, will receive more than $321.2 million in grants through the fiscal year 2023.
Through a competitive application process, 144 organizations requested a total of $1.1 billion in funding. Twenty-four OFN members received $138.2 million, more than 43% percent of the total amount awarded.
The grants will support critical economic development in low-income areas across the country, including affordable housing and community service facilities like daycare centers, workforce development centers, and healthcare clinics, with awardees collectively serving 48 states, the District of Columbia, Guam, and Puerto Rico.
OFN Member Awardees
- Affordable Housing Trust for Columbus and Franklin County
- Community Redevelopment Loan and Investment Fund, Inc. (Atlanta Neighborhood Development Partnership*)
- Century Affordable Development, Inc. (Century Housing Corporation*)
- Cincinnati Development Fund, Inc.
- City First Enterprises, Inc.
- Community Ventures Corporation, Inc.
- Corporation for Supportive Housing
- Greater Minnesota Housing Fund
- Housing Assistance Council
- Housing Development Fund, Inc.
- Impact Development Fund
- Impact Seven, Incorporated
- Local Initiatives Support Corporation
- Low Income Investment Fund
- Mercy Housing Inc. (Mercy Community Capital*)
- Midwest Housing Development Fund, Inc.
- Neighborhood Housing Services of Baltimore, Inc.
- People Incorporated Housing Group (PathStone Enterprise Center*)
- Raza Development Fund, Inc.
- Community Development Corp. of Brownsville (Rio Grande Valley Multibank Corporation*)
- Rural Community Assistance Corporation
- Self-Help Credit Union
- Virginia Community Capital, Inc.
- Virginia Community Development Fund, Inc.
Note: *OFN member is an affiliate.
The Capital Magnet Fund program is funded through contributions from Freddie Mac and Fannie Mae.
Advocating for Capital Magnet Fund Improvements
Earlier this year, the CDFI Fund released a request for comment on the Capital Magnet Fund program. OFN weighed in with a comment letter recommending program improvements. OFN will continue our work to ensure the program meets its goals of creating affordable housing and supporting economic development activities.
Contact your Members of Congress to take action too! Visit our Policy Action Center for tools and resources to help you advocate for policies that best support CDFIs and the communities they serve.
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