Capital Magnet Fund Recipients to Use Grants to Support LIHTC Projects
By Caitlin Jones
1 min read
Tax Credit Advisor, January 2011: At least two recipients of federal Capital Magnet Fund program grants plan to use the dollars to support low-income housing tax credit (LIHTC) projects under initiatives rolled out in 2011.
The New York City-based Local Initiatives Support Corporation and the Ohio Capital Finance Corporation have each been awarded a $5 million grant. In mid-October, the Community Development Financial Institutions (CDFI) Fund announced $80 million in Capital Magnet Fund grants to 23 organizations in the program’s first funding round, in which 230 applicants requested more than $1 billion.
Capital Magnet Fund program grants can be used to fund the development, preservation, or purchase of affordable housing in low-income areas, as well as community service facilities such as day care centers, workforce development centers, and health care clinics.
