Capital Magnet Fund


The Capital Magnet Fund helps to create and preserve affordable housing for low-income families, individuals, and economically distressed communities by attracting private capital. Grants are used to support financing for the preservation, rehabilitation, development or purchase of affordable housing as well as select related economic development and community facilities that serve residents of these communities.

General information about this opportunity
Last Known Status
Program Number
Federal Agency/Office
Community Development Financial Institutions Fund, Department of The Treasury
Type(s) of Assistance Offered
B - Project Grants
Program Accomplishments
Fiscal Year 2017 Please visit the CDFI Fund website for information on program accomplishments. The information can be accessed via
Fiscal Year 2018 Please visit the CDFI website for information on program accomplishments. The information can be accessed via
Fiscal Year 2019 Please visit the CDFI Fund website for information on program accomplishments. The information can be accessed via
Fiscal Year 2022 Visit the CDFI Fund website for examples of funded projects. The information can be accessed via
The Housing and Economic Recovery Act of 2008, Section 1131, Public Law 110-289
Who is eligible to apply/benefit from this assistance?
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 set forth in 12 C.F.R. Part 1807.
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.
What is the process for applying and being award this assistance?
Pre-Application Procedure
Preapplication coordination is not applicable.
Application Procedure
2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Each applicant must complete an application package. All applications must be received by the established deadline.
Award Procedure
The CDFI Fund reviews applications and makes awards based on an established awards review process set forth in the NOFA and application materials.
Contact the headquarters or regional location, as appropriate for application deadlines
Approval/Disapproval Decision Time
Award approval/disapproval determinations are generally made within 210 days after the application deadline. The application deadline is generally 60 days subsequent to the NOFA publication date.
Not applicable.
Not applicable.
How are proposals selected?
Applicants are evaluated based upon criteria set forth in the Interim Rule, the Notice of Funds Availability (NOFA), and application materials.
How may assistance be used?
The CDFI Fund awards Capital Magnet Fund grants to certified Community Development Financial Institutions (CDFIs) and eligible nonprofit housing organizations to finance: (A) the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and (B) 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. CMF Award dollars must be used to finance and/or support physical structures. CMF Award must be used to support a portfolio of projects whose aggregate costs are at least 10 times the grant amount.
What are the requirements after being awarded this opportunity?
Performance Reports: The performance reports include the following components: an annual performance report and, in certain circumstances, environmental review notification reports or explanations of noncompliance.
Not applicable.
Award recipients must maintain records to substantiate total costs incurred and to assure that all performance measures are met. Records must be retained in accordance with the provisions of applicable OMB guidance and the terms of the assistance agreement.
Other Assistance Considerations
Formula and Matching Requirements
Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing.
Length and Time Phasing of Assistance
Recipients must commit all funds within two years; begin initial expenditure of funds within three years; and complete the projects within five years after effective date of the assistance agreement. Method of awarding/releasing assistance: Lump.
Who do I contact about this opportunity?
Regional or Local Office
None/Not specified.
Headquarters Office
Capital Magnet Fund
1500 Pennsylvania Avenue, N.W.
Washington, DC 20220 US
Phone: (202) 653-0300
Website Address
Financial Information
Account Identification
(Project Grants) FY 22$0.00; FY 23 est $320,600,000.00; FY 24 est $246,000,000.00; FY 21$175,354,252.00; FY 20$130,883,872.00; FY 19$130,883,872.00; -
Range and Average of Financial Assistance
The range of CMF Awards for the most recent funding round (FY 2021 funding round obligations made in FY 2022) was from $950,000 to $12,000,000. The average Award was $5,702,055. The maximum allowable award by statute is 15% of the annual available funding.
Regulations, Guidelines and Literature
Interim Rule (12 CFR Part 1807); NOFA; and application materials.
Examples of Funded Projects
Not applicable.