The CDFI Fund’s Capital Magnet Fund grant is for certified Community Development Financial Institutions (CDFIs) and select nonprofit organizations. It finances the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-, very low-, and low-income families. It also supports economic development activities and community service facilities like day care centers, workforce development centers, and health care clinics. All initiatives must implement a concerted strategy to stabilize or revitalize a low-income or underserved rural area. Awards can be up to 15% of total program funding. This grant empowers organizations to enhance community well-being through strategic housing and economic interventions.
Opportunity ID: 295103
General Information
| Document Type: | Grants Notice |
| Funding Opportunity Number: | CDFI-2017-CMF |
| Funding Opportunity Title: | Fiscal Year 2017 Capital Magnet Fund Program |
| Opportunity Category: | Mandatory |
| Opportunity Category Explanation: | – |
| Funding Instrument Type: | Grant |
| Category of Funding Activity: | Community Development |
| Category Explanation: | – |
| Expected Number of Awards: | 32 |
| Assistance Listings: | 21.011 — Capital Magnet Fund |
| Cost Sharing or Matching Requirement: | No |
| Version: | Synopsis 1 |
| Posted Date: | Jun 29, 2017 |
| Last Updated Date: | – |
| Original Closing Date for Applications: | Jul 28, 2017 |
| Current Closing Date for Applications: | Jul 28, 2017 |
| Archive Date: | Aug 27, 2017 |
| Estimated Total Program Funding: | $119,500,000 |
| Award Ceiling: | $17,900,000 |
| Award Floor: | $500,000 |
Eligibility
| Eligible Applicants: | Others (see text field entitled “Additional Information on Eligibility” for clarification) |
| Additional Information on Eligibility: | Applicants must be (1) a Treasury certified CDFI; or (2) a nonprofit organization having as one of its principal purposes the development or management of affordable housing. An applicant must provide information necessary to establish that it is an eligible organization in order to apply for assistance. This information is included as part of the application materials. |
Additional Information
| Agency Name: | Community Development Financial Institutions |
| Description: | The CDFI Fund awards Capital Magnet Fund grants to certified Community Development Financial Institutions (CDFIs) and certain nonprofit organizations to finance: (1) the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and (2) economic development activities or community service facilities, such as day care centers, workforce development centers, and health care clinics, which in conjunction with affordable housing activities implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area. CMF’s award ceiling is 15% of Total Program Funding. Additional details on Application requirements are available on the CDFI Fund’s website. |
| Link to Additional Information: | A webpage on the CDFI Fund’s website with all the relevant details regarding the Capital Magnet Fund Program. |
| Grantor Contact Information: | If you have difficulty accessing the full announcement electronically, please contact:
CDFI Fund Help Desk 202-653-0421
Email:cmf@cdfi.treas.gov |
Version History
| Version | Modification Description | Updated Date |
|---|---|---|
Related Documents
There are no related documents on this grant.
Packages
| Agency Contact Information: | CDFI Fund Help Desk 202-653-0421 Email: cmf@cdfi.treas.gov |
| Who Can Apply: | Organization Applicants |
| Assistance Listing Number | Competition ID | Competition Title | Opportunity Package ID | Opening Date | Closing Date | Actions |
|---|---|---|---|---|---|---|
| 21.011 | PKG00233475 | Jun 29, 2017 | Jul 28, 2017 | View |
Package 1
Mandatory forms
295103 SF424_Mandatory_1_2-1.2.pdf
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