# Fiscal Year 2021 Capital Magnet Fund Program

Source: https://welltoldgrants.com/grants/cdfi-2021-cmf-fiscal-year-2021-capital-magnet-fund-program/  
Official notice: https://www.grants.gov/search-results-detail/335587

> Community Development Financial Institutions offered grants of up to $57.0 million (at least $500,000) to the applicants described in the notice. It expected to make about 55 awards worth $380 million in total. Applications closed on October 12, 2021.

| Field | Value |
|---|---|
| Opportunity number | CDFI-2021-CMF |
| Agency | Community Development Financial Institutions |
| Status | Forecast |
| Deadline | October 12, 2021 |
| Award ceiling | $57.0 million |
| Award floor | $500,000 |
| Expected awards | 55 |
| Total funding | $380 million |
| Cost sharing | not required |
| Assistance Listings | 21.011 |

## Who can apply

- Others (see text field entitled "Additional Information on Eligibility" for clarification)

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. 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 the grant funds

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. CMF's award ceiling is 15% of Total Program Funding. Additional details on Application requirements are available on the CDFI Fund’s website.

## Questions people ask

### Is CDFI-2021-CMF still open?

No. It closed on October 12, 2021.

### Who can apply for Fiscal Year 2021 Capital Magnet Fund Program?

Community Development Financial Institutions accepted applications from the applicants described in the notice. The notice adds further conditions, so read its eligibility section.

### What is the deadline for Fiscal Year 2021 Capital Magnet Fund Program?

Closed October 12, 2021. Applications are no longer accepted; the program's newer notices are on this page when there are any.

### How much funding is available?

Awards of up to $57.0 million each. About $380 million in total across about 55 awards.

### Who has won Capital Magnet Fund grants before?

The largest recipients over five fiscal years were Massachusetts Housing Finance Agency, Preservation of Affordable Housing, Inc., Greater Minnesota Housing Fund. The program made 207 awards worth $1.1 billion in that time.