The CDFI Fund is now accepting applications for the FY-2016 Capital Magnet Fund funding round. Funds from this competitive grant program are available to CDFIs and qualified nonprofit housing organizations. Capital Magnet Fund awardees are able to utilize funds to create financing tools such as loan loss reserves, revolving loan funds, risk-sharing loans, and loan guarantees. Recipients are required to leverage private and public funds to finance affordable housing and economic development activities that yield a minimum ratio of 10:1.
CDFI Fund estimates about $80 million will be available in the funding round. Funding for the Capital Magnet Fund comes from allocations made by the Government-Sponsored Enterprises Fannie Mae and Freddie Mac.
Deadlines
- The deadline for submission of the Capital Magnet Fund application materials due through Grants.gov is 11:59 p.m. Eastern Time (ET) on Wednesday, March 16, 2016.
- The deadline for submission of the Capital Magnet Fund application materials due through the CDFI Fund’s Award Management Information System (AMIS) is 11:59 p.m. ET on Wednesday, March 30, 2016.
- The CDFI Fund will stop taking questions about the application at 5:00 p.m. ET on Monday, March 28 2016.
- The CDFI Fund will stop providing technical assistance about submitting the application through AMIS at 5:00 p.m. ET on Wednesday, March 30, 2016.
Please see the NOFA for more information on submitting Capital Magnet Fund applications.
Application Materials
The FY 2016 Capital Magnet Fund NOFA, application, application instructions, and related guidance can be found on the CDFI Fund’s website at www.cdfifund.gov/cmf under How to Apply Step 2: Apply.
