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 activities.

General information about this opportunity
Last Known Status
Active
Program Number
21.011
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 www.cdfiund.gov/cmf.
Fiscal Year 2018 Please visit the CDFI website for information on program accomplishments. The information can be accessed via www.cdfifund.gov/cmf.
Authorization
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.
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.
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 Notice of Funds Availability (NOFA) and application materials.
Deadlines
Contact the headquarters or regional location, as appropriate for application deadlines
Approval/Disapproval Decision Time
Award approval/disapproval determinations are generally made within 180 days after the application deadline. The application deadline is generally 60 days subsequent to the NOFA publication date.
Appeals
Not applicable.
Renewals
Not applicable.
How are proposals selected?
Applicants are evaluated based upon criteria set forth in the interim rule, the 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 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. Grant funds must be used to finance and/or support physical structures. Grants must be used to support projects whose aggregate costs are at least 10 times the grant amount.
What are the requirements after being awarded this opportunity?
Reporting
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.
Auditing
Not applicable.
Records
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 of executing the award 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
cmf@cdfi.treas.gov
Phone: (202) 653-0300
Website Address
http://www.cdfifund.gov
Financial Information
Account Identification
20-8524-0-7-451
Obligations
(Project Grants) FY 18$1,429,916,610.00; FY 19 est $131,000,000.00; FY 20 est $110,000,000.00; FY 17$120,043,656.00; FY 16$91,500,000.00; -
Range and Average of Financial Assistance
FY 2018 Range of CMF Awards was from $562,500 to $7,500,000. The average FY 2018 Award was $3,760,963. The maximum allowable award by statute is 15% of the annual available funding.
Regulations, Guidelines and Literature
Interim Rule (12 C.F.R. Part 1807); NOFA; and application materials.
Examples of Funded Projects
Fiscal Year 2017 Please visit the CDFI Fund website for examples of funded projects. The information can be accessed via www.cdfifund.gov/cmf.