Thirty-eight organizations have been awarded $142.9 million from the Capital Magnet Fund, announced the Community Development Financial Institutions (CDFI) Fund.
The awards were made through the program’s fiscal 2018 round and will support the development or preservation of affordable housing and community facilities in low-income communities.
"Securing affordable housing continues to be a necessity for many Americans across the country,” said CDFI Fund director Jodie Harris. “These awards will lead to increased availability of affordable housing in both rural and urban communities. More than 25,000 affordable housing units are projected to be developed as a result of these awards.”
The 38 awardees will collectively serve 39 states, the District of Columbia, and Puerto Rico. Nine of these awardees, or 24%, will invest at least half of their award dollars in rural areas. Twenty-four awardees are CDFIs, and 14 are nonprofit housing organizations.
They were selected after a merit-based competitive review of applications submitted from 116 organizations, which requested more than $570 million in awards this round of the Capital Magnet Fund.
The awardees include a number of a familiar affordable housing developers and organizations. National Church Residences of Columbus, Ohio; Enterprise Community Loan Fund of Columbia, Md.; and Century Housing Corp. of Culver City, Calif., received three of the largest awards, $7.5 million each.
Other recipients include BRIDGE Housing, California Community Reinvestment Corp., Colorado Housing and Finance Authority, CommonBond Communities, Gulf Coast Housing Partnership, Housing Partnership Fund, Housing Trust Silicon Valley, IFF, Jubilee Housing, Low Income Investment Fund, Mercy Loan Fund, National Housing Trust Community Development Fund, Ohio Capital Finance Corp., Preservation of Affordable Housing, Rhode Island Housing and Mortgage Finance Corp., Volunteers of America National Services, and Wisconsin Housing and Economic Development Authority.
A full list of recipients can been seen in the CDFI's award book.
Funding for the Capital Magnet Fund comes from allocations made by Fannie Mae and Freddie Mac and varies each year. The 2018 awards are the fourth round of the program.
