Capital Magnet Fund

To attract financing for and increase investment in affordable housing for low-income, very low-income, and extremely low-income people and certain related economic and community development activites.



Agency - Department of the Treasury

The Department of Treasury is a steward of United States economic and financial systems, and promotes conditions for prosperity and stability in the U.S., and encourages prosperity and stability in the rest of the world.




Selected Recipients for this Program


RecipientAmount Start DateEnd Date
Virginia Community Capital, Inc. $ 4,000,000   
Gulf Coast Housing Partnership Inc $ 2,000,000   
Mission First Housing Development Corporation $ 2,250,000   
Community Development Trust, Lp, The $ 3,750,000   
Genesis La Economic Growth Corporation $ 1,500,000   
Twin Cities Habitat For Humanity, Inc. $ 735,000   
Rural Community Assistance Corporation $ 3,750,000   
Ohio Capital Finance Corporation $ 7,700,000   
Reinvestment Fund, Inc.,the $ 3,750,000   
Foundation Communities, Inc. $ 2,250,000   



Program Accomplishments

Fiscal Year 2009: No Data Available. Fiscal Year 2010: The CDFI Fund will use existing CDFI Program metrics, with some customization, to measure performance of the Capital Magnet Fund. Awardees are required to report annually for five years using the CDFI Fund"s electronic reporting system. Proposed metrics include:
*Number of affordable housing units developed or produced
**Number/percentage of low-income renters/owners
**Number/percentage of very low-income renters/owners
*Number of jobs produced
*Leverage ratio
*Deployment rate. Fiscal Year 2011: The CDFI Fund has proposed not to fund the CMF in FY 2011 but will monitor and evaluate the community development impact and performance of FY 2010 awards.

Uses and Use Restrictions

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.

Each awardee enters into an assistance agreement that specifies the terms and conditions related to expenditures (including eligible uses) of the grant funds, requires compliance with performance goals, and requires reporting on performance outcomes.

Eligibility Requirements

Applicant Eligibility

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.

Beneficiary Eligibility

Low income, very low-income, and extremely low-income people as directed in 12 C.F.R. 1807.

Credentials/Documentation

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. This program is excluded from coverage under OMB Circular No. A-87.

Aplication and Award Process

Preapplication Coordination

Preapplication coordination is not applicable.

Environmental impact information is not required for this program.

This program is excluded from coverage under E.O.

12372.

Application Procedures

This program is excluded from coverage under OMB Circular No. A-102. OMB Circular No. A-110 applies to this program. Each applicant must complete an application package. The CDFI Fund provides the application package format.

Award Procedures

The CDFI Fund reviews applications and makes awards based on an established awards review process, set forth in the Notice of Funds Availability (NOFA) and application materials.

Deadlines

Contact the headquarters or regional office, as appropriate, for application deadlines.

Authorization

The Housing and Economic Recovery Act of 2008, Section 1339.

Range of Approval/Disapproval Time

The NOFA, published in the Federal Register, announces the deadline for submission of applications. Award approval/disapproval determinations are generally made within 180 days after the application deadline. The application deadline is 30 days subsequent to the NOFA publication date.

Appeals

None.

Renewals

None.

Assistance Considerations

Formula and Matching Requirements

Statutory formulas are not applicable to this program.
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