Washington, DC, June 22, 2022 (GLOBE NEWSWIRE) — The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 59 organizations $336.4 million today for the development of affordable housing and community facilities serving low-income individuals, families, and communities. These 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. 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.
“I am proud to announce the recipients of the FY 2021 Capital Magnet Fund awards, our largest award round ever,” said CDFI Fund Director Jodie Harris. “The lack of affordable housing is a persistent problem for our country. Expanding the reach of the Capital Magnet Fund to more organizations–one-third of which are first-time Capital Magnet Fund awardees—will support vital financing for affordable housing and related economic development and community service facilities that our communities urgently need.”
The awardees are required to leverage their awards with other private and public investment by at least 10 to 1,…
