Capital Magnet Program Could Be Launched in January
By Caitlin Jones
1 min read
Tax Credit Advisor, November 2009: The Community Development Financial Institutions (CDFI) Fund expects to publish a notice of funding availability and a proposed regulation for the new Capital Magnet Fund program in January 2010, according to CDFI Fund Director Donna Gambrell.
“Right now we’re formulating the internal polices that will feed into the development of the NOFA and the regulations and the application materials,” she said in an interview.
The Obama Administration’s FY 2010 budget request proposes $80 million in initial funding for the program, which was authorized by the Housing and Economic Recovery Act of 2008.
Under the program, the CDFI Fund will offer competitive grants to community development financial institutions and to nonprofits whose principal purposes are development or management of affordable housing, to help attract private capital for eligible purposes. The latter include (1) development, preservation, rehabilitation, or purchase of affordable housing for extremely low-, very low-, and low-income families, and (2) economic development activities or community services facilities that, in conjunction with affordable housing activities, will implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area.
