Thirty-two organizations has received roughly $91.5 million from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund for the development of affordable housing and community facilities in low-income communities. Of the awardees, 23 are community development financial institutions and nine are non-profit groups. The funding is expected to trigger a total investment of more than $900 million for low-income communities. The 32 awardees were selected out of 125 organizations that sent applications, following a merit-based competitive review.
The allocation represents the 2016 round of the Capital Magnet Fund, a federal financing program launched in 2010, which supports the preservation, rehabilitation, development or purchase of affordable housing for low-income communities, as well as related economic development and community service facilities such as day care centers, workforce development centers and healthcare clinics.
“The program requires recipients to leverage $10 of housing and economic development investments for every $1 of federal funds, meaning the awards will support more than $900 million of investment in low-income communities,” stated Annie Donovan, CDFI Fund director.
