Capital Magnet Fund (21.011)
Capital Magnet Fund (Assistance Listing 21.011) is run by the Community Development Financial Institutions Fund, part of the Department of the Treasury. It awarded $1.1 billion in 207 grants from fiscal 2021 to 2025, about $5.2 million per award on average. No funding opportunity is open on Grants.gov right now.
The typical award was $4.5 million. Half of the 207 awards fell between $3.0 million and $6.8 million, and they ranged from $750,000 to $12.0 million.
- Awarded, FY 2021 to 2025$1.1 billion
- Grant awards207
- Typical award$4.5 million
- Awarded in FY 2025$246 million
- Size rank247 of 1824
- Type of assistanceProject grants
Key findings
- Annual funding rose from $175 million in fiscal 2021 to $246 million in fiscal 2025.
- It is the 247th largest of 1,824 federal grant programs by five-year awards.
- The 20 largest recipients received 45% of the money.
- Awards went to recipients in 34 states and territories.
What the program funds
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.
Open opportunities
No opportunity under this program is open or forecast on Grants.gov right now. Programs often post once a year, so the funding history below shows what to expect.
Rules from the program listing
Who can apply
Applicants must be either (a) a Treasury certified CDFI; or (b) a nonprofit organization having as one of its principal purposes the development or management of affordable housing.
What the money can and cannot pay for
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. The CMF Award must be used to support a portfolio of projects whose aggregate costs are at least 10 times the grant amount. Each recipient enters into an assistance agreement that specifies the terms and conditions related to expenditures (including eligible uses) of the CFM Award dollars, requires compliance with performance goals, and requires reporting on performance outcomes.;
Matching requirements
This program has no statutory formula. Matching requirements are not applicable to this assistance listing. MOE requirements are not applicable to this assistance listing.
Award range and average, in the agency's words
The range of CMF Awards for the FY 2023 funding round were from $1,500,000 to $12,000,000 and obligations were made in FY 2024. The average Award in the FY 2023 funding round was $6,177,600. The range of CMF Awards for the FY 2024 funding round were from $1,000,000 to $9,000,000 and obligations were made in FY 2025. The average Award was $5,133,020 in the FY 2024 funding round. The maximum allowable award by statute is 15% of the annual available funding.
Examples of funded projects
Fiscal Year2017: Please visit the CDFI Fund website for examples of funded projects. The information can be accessed via www.cdfifund.gov/cmf.Fiscal Year2021: Please visit the CDFI website for information on program accomplishments. The information can be accessed via www.cdfifund.gov/cmf.Fiscal Year2022: Fiscal Year 2022: Visit the CDFI Fund website for examples of funded projects. The information can be accessed via www.cdfifund.gov/programs-training/Programs/cmf.
Funding history and past recipients
From fiscal 2021 to 2025, Capital Magnet Fund (21.011) awarded$1.1 billion across 207 grant awards, an average of $5.2 million per award.
Who usually wins
Nonprofits received 79% of the money, businesses 13% and state and local governments 1.6%.
| Recipient type | Awards | Amount | Share |
|---|---|---|---|
| Nonprofits | 171 | $856 million | 79% |
| Businesses | 20 | $136 million | 13% |
| Other | 9 | $65.3 million | 6.0% |
| State and local governments | 3 | $16.9 million | 1.6% |
| Tribal governments and organizations | 4 | $4.7 million | 0.4% |
By state
Each state below has its own page for this program, with its recipients and yearly totals.
| State | Awards | Amount |
|---|---|---|
| California | 36 | $182 million |
| Massachusetts | 19 | $146 million |
| New York | 15 | $78.9 million |
| Colorado | 10 | $71.0 million |
| Minnesota | 9 | $56.1 million |
| Missouri | 6 | $49.0 million |
| Ohio | 9 | $44.5 million |
| Virginia | 11 | $43.1 million |
| Georgia | 9 | $37.2 million |
| Arizona | 9 | $33.5 million |
| Wisconsin | 6 | $33.3 million |
| District of Columbia | 8 | $30.8 million |
| Alabama | 3 | $26.0 million |
| Florida | 4 | $25.3 million |
| Illinois | 4 | $24.3 million |
| Texas | 6 | $24.1 million |
| Mississippi | 3 | $18.8 million |
| Maryland | 5 | $18.0 million |
| Rhode Island | 2 | $17.5 million |
| Pennsylvania | 4 | $17.3 million |
| Nebraska | 3 | $16.5 million |
| North Carolina | 2 | $15.3 million |
| Vermont | 4 | $13.9 million |
| Louisiana | 3 | $9.8 million |
| Guam | 2 | $9.4 million |
| New Mexico | 3 | $8.9 million |
| Connecticut | 3 | $8.0 million |
| Tennessee | 1 | $6.5 million |
| New Jersey | 1 | $4.9 million |
| Kentucky | 2 | $3.5 million |
| Montana | 1 | $2.0 million |
| South Dakota | 2 | $1.8 million |
| Oklahoma | 1 | $1.5 million |
| Idaho | 1 | $1.1 million |