WASHINGTON—The Treasury Department’s Community Development Financial Institutions (CDFI) Fund opened its fiscal year 2018 funding round for the Capital Magnet Fund (CMF) last week, which provides grants to help community institutions – such as credit unions – provide affordable housing solutions.
Through the CMF, the CDFI Fund awards grants to CDFIs and qualified nonprofit housing organizations. The CDFI Fund plans to provide about $142.9 million in awards for the fiscal year 2018 round, which can be used to finance affordable housing activities, economic development activities and community service facilities. The CDFI says the objective of the grant funds are to “attract private capital to economically distressed communities, including underserved rural areas.”
Grant applications, instructions and related guidance can be found on the CDFI Fund’s website; all applicants must be registered in SAM.gov, Grants.gov and the CDFI Fund’s Awards Management Information System (AMIS) to apply for funding. Submission deadlines depend on what system is used by applicants, but range from Aug. 20 through Sept. 17, noted NAFCU.
Earlier this summer, NAFCU noted it opposed cuts to the CMF program, which were ultimately rejected by the Senate, as did CUNA. Congress provided the full funding of $250 million for the CDFI Fund for fiscal year 2018.