U.S. Treasury Announces $130.9 Million in Awards for Affordable Housing Nationwide
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 38 organizations $130.9 million today for the development of affordable housing and community facilities in low-income communities. These awards were made through the fiscal year (FY) 2019 round of the Capital Magnet Fund, and will support financing for 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 health care clinics.
"I am pleased to recognize the FY 2019 Capital Magnet Fund awardees," said CDFI Fund Director Jodie Harris. "At the CDFI Fund we are committed to expanding economic opportunity for underserved people and communities. The FY 2019 Capital Magnet Fund awards will support the development of thousands of affordable homes for low-income Americans in communities across the country."
The awardees are required to leverage their awards with other private and public investment by at least 10 to 1, guaranteeing that a minimum of $1.3 billion will be invested in eligible projects across the United States. For the FY 2019 round the awardees anticipate that almost $4 billion will be invested in total, including more than $3 billion in private investment.
The 38 awardees will collectively serve 44 states, the District of Columbia, and Puerto Rico. 7 of these awardees, or 18 percent, will invest at least half of their award dollars in Rural Areas. Of the 38 awardees, 23 are Community Development Financial Institutions (CDFIs) and 15 are non-profit housing organizations. The 38 awardees were selected after a merit-based competitive review of applications submitted from a total of 113 organizations that requested more than $522 million from the Capital Magnet Fund for the FY 2019 round.
FY 2019 Capital Magnet Fund Award Resources
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $3.5 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund; the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $57.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds in the amount of $1.61 billion through the CDFI Bond Guarantee Program.
To learn more about the CDFI Fund and its programs, please visit the CDFI Fund's website at www.cdfifund.gov.
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