WASHINGTON–The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) has awarded 59 organizations $336.4 million for the development of affordable housing and community facilities serving low-income individuals, families, and communities.
The awards were made through the fiscal year (FY) 2021 round of the Capital Magnet Fund, and will support financing for the preservation, rehabilitation, development or purchase of affordable housing as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics, according to Treasury.
Largest Award Round
The department said this is the largest award round since the creation of the Capital Magnet Fund and a 23% increase in the number of awardees compared to the FY 2020 award round.
Treasury reported the awardees are required to leverage their awards with other private and public investment by at least 10 to 1, guaranteeing that a minimum of $3.36 billion will be invested in eligible projects across the United States. For the FY 2021 round the awardees anticipate that nearly $12.8 billion will be invested in total, including more than $9.8 billion in private investment, Treasury stated.
The 59 awardees will collectively serve 47 states, the District of Columbia, and Puerto Rico. Thirty awardees (or 51% of the total awardees) plan to invest a portion of their award dollars in Rural Areas, with nine of those awardees planning to invest at least half of their award dollars in Rural Areas.
Many Are CDFIs
In addition, according to Treasury, of the 59 total awardees, 32 are Community Development Financial Institutions (CDFIs) and 27 are non-profit housing organizations. The 59 awardees were selected pursuant to a merit-based competitive review of applications submitted from 146 organizations that requested more than $991.8 million from the FY 2021 Capital Magnet Fund round.
For more information, go here: FY 2021 Capital Magnet Fund Award Book