U.S. Department of the Treasury Announces Awards to Support Development of 26,400 Affordable Housing Units
Summary
These awards were made through the fiscal year (FY) 2024 round of the Capital Magnet Fund (CMF). These awards are projected to leverage nearly $9 billion in private and public sector resources to spur development in communities that need additional investment to create opportunities for communities to get ahead.Award recipients are required to leverage their awards with other private and public investment by at least 10 to one, todays awardees anticipate that they will leverage more than $6.8 billion in private investment.The 48 awardees will collectively serve 50 states, the District of Columbia, Guam, and Puerto Rico. In all, 25 awardees (52% of the total awardees) plan to invest a portion of their award dollars in rural areas, with 12 of those organizations planning to invest at least one-fourth of their award dollars in rural areas. Of the total awardees, 25 are Community Development Financial Institutions (CDFIs) and 23 are nonprofit housing organizations. In addition, the CDFI Fund has allocated $81 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and guaranteed bonds for nearly $3 billion through the CDFI Bond Guarantee Program.See the FY 2024 Capital Magnet Fund Award book and list of recipients here.