The Community Development Financial Institutions Fund (CDFI Fund) received 125 applications for the fiscal 2016 round of the Capital Magnet Fund.
Community Development Financial Institutions and nonprofit affordable housing providers that applied requested an aggregate total of $609.1 million in Capital Magnet Fund awards, far exceeding the $93.47 million available in the round. The applicants are headquartered in 38 states and the District of Columbia.
CDFI Fund officials said they will forward all eligible applicants to the external qualitative review stage, rather than only those who score sufficiently high in the quantitative review stage. This will allow all applicants to receive a full external review.
The Capital Magnet Fund offers competitively awarded grants to finance affordable housing and community revitalization efforts that benefit low-income people and communities nationwide.
For more information about the Capital Magnet Fund, visit the CDFI Fund’s web site at www.cdfifund.gov/cmf.