The Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) is awarding $246.4 million to help create or preserve more than 26,400 affordable housing units.
Forty-eight organizations were selected to receive the Capital Magnet Fund awards.
“Today’s awards will increase affordable housing supply and expand access to child care and health care for families across America," said Treasury secretary Janet L. Yellen. “These awards are projected to leverage nearly $9 billion in private- and public-sector resources to spur development in communities that need additional investment to create opportunities for communities to get ahead.”
Award recipients are required to leverage their awards with other private and public investment by at least 10 to 1. The 2024 round awardees anticipate that they will leverage more than $6.8 billion in private investment.
This year’s recipients will collectively serve 50 states, the District of Columbia, Guam, and Puerto Rico. In all, 25 awardees plan to invest a portion of their award dollars in rural areas, with 12 of those organizations planning to invest at least one-fourth of their award dollars in rural areas.
Of the total awardees, 25 are CDFIs, and 23 are nonprofit housing organizations. The awardees were selected from 136 organizations that requested more than $1.06 billion.
Recipients include several longtime affordable housing organizations, including Artspace Projects, CHN Housing Partners, The Community Builders, Community Housing Partners, Eden Housing, Foundation Communities, IFF, Mercy Housing Capital, MidPen Housing, Mission First Housing Development Corp., National Church Residences, National CORE, Preservation of Affordable Housing, Wakeland Housing and Development Corp., and Wisconsin Housing Preservation Corp.
Several state housing finance agencies also received awards, including Colorado Housing and Finance Authority, Connecticut Housing Finance Authority, Massachusetts Housing Finance Agency, and Vermont Housing Finance Agency.
A full list can be found here.
The affordable housing units that will be supported include more than 25,600 rental units and more than 750 homeownership units, according to the CDFI Fund.
Since its establishment by the Housing and Economic Recovery Act of 2008, the Capital Magnet Fund has created over 63,000 affordable homes, including more than 55,600 rental housing units and 7,400 homeowner-occupied units.
