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Fiscal Year 2024 Capital Magnet Fund Program

ID: CDFI-2024-CMF • Type: Posted
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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.

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Overview

Agency
Community Development Financial Institutions Fund (CDFI) [USDT]
Category of Funding
Community Development
Funding Instruments
Grant
Grant Program (CFDA)
21.011 - Capital Magnet Fund
Grant Category
Mandatory
Cost Sharing / Matching Requirement
False
Source
Grants.gov
On 2/13/24 Community Development Financial Institutions Fund posted grant opportunity CDFI-2024-CMF for Fiscal Year 2024 Capital Magnet Fund Program with funding of $246.5 million. The grant will be issued under grant program 21.011 Capital Magnet Fund. It is expected that 55 total grants will be made worth between $500,000 and $37.0 million.

Timing

Posted Date
Feb. 13, 2024, 12:00 a.m. EST
Closing Date
March 14, 2024, 12:00 a.m. EDT Past Due
Last Updated
Feb. 12, 2024, 7:42 a.m. EST
Version
1
Archive Date
April 13, 2024

Eligibility

Eligible Applicants
Others (see text field entitled "Additional Information on Eligibility" for clarification)
Additional Info
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.

Award Sizing

Ceiling
$36,975,000
Floor
$500,000
Estimated Program Funding
$246,500,000
Estimated Number of Grants
55

Contacts

Contact
Henny Winarsoo Grantor
Contact Email
cmf@cdfi.treas.gov
Email Description
CDFI Fund Help Desk (CMF)
Contact Phone
(202) 653-0333
Additional Information
A webpage on the CDFI Fund's website with all the relevant details regarding the Capital Magnet Fund Program.
Additional Information Site
https://www.cdfifund.gov/programs-training/programs/cmf/apply-step#application-materials

Documents

Posted documents for CDFI-2024-CMF

Grant Awards

Grants awarded through CDFI-2024-CMF

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