28 OFN Members Receive Affordable Housing Grants
Mary Scott Balys
On June 22, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced more than $336 million in grants to 59 organizations — 32 CDFIs and 27 affordable housing developers — through the fiscal year (FY) 2021 round of the Capital Magnet Fund (CMF) program. The FY 2021 awards mark the seventh and largest round of CMF awards to date — both in dollar amount awarded and number of organizations receiving awards.
OFN congratulates all recipients, especially our 28 members who received $158.5 million, more than 47 percent of the total amount awarded:
- Atlanta Neighborhood Development Partnership
- BlueHub Loan Fund, Inc.
- Cincinnati Development Fund, Inc.
- Cinnaire Lending Corporation
- City First Enterprises
- Clearinghouse Community Development Financial Institution
- Community First Fund
- Community Loan Fund of the Capital Region, Inc.
- Corporation for Supportive Housing
- Florida Community Loan Fund, Inc.
- Genesis LA
- Greater Minnesota Housing Fund
- GROW South Dakota
- Habitat Mortgage Solutions, LLC
- Homewise, Inc.
- Housing Assistance Council
- Housing Partnership Network, Inc.
- Impact Development Fund
- Leviticus Fund
- Midwest Housing Development Fund, Inc.
- National Housing Trust Community Development Fund
- Neighborhood Lending Partners, Inc.
- NeighborWorks Capital
- NeighborWorks Montana
- New Jersey Community Capital
- Ohio Capital Finance Corporation
- Raza Development Fund
- Rural Community Assistance Corporation
The CMF program was created through the Housing and Economic Recovery Act of 2008 (HERA). It is funded through contributions from Government Sponsored Enterprises Freddie Mac and Fannie Mae (GSEs). And the CMF grants support the financing of affordable housing, economic development activities, and community service facilities. The CMF grant awardees are evaluated and selected through a competitive application process.
For FY 2022, the Federal Housing Finance Agency transferred $398 million to Treasury for the Capital Magnet Fund, a $15 million increase from the previous year.