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Capital Magnet Fund is sponsored by U.S. Department of the Treasury, Community Development Financial Institutions (CDFI) Fund. This is a competitive grant program that provides competitively awarded grants to CDFIs and qualified nonprofit housing organizations.
These funds may be used to finance housing for low- and moderate-income households (at least 70 percent of a grantee's award) and for related economic development and community service facilities.
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The Capital Magnet Fund offers competitively awarded grants to CDFIs and nonprofit affordable housing organizations to finance affordable housing solutions and community revitalization efforts that benefit individuals and families with low-incomes and low-income communities nationwide.
To date, the Capital Magnet Fund has: * Generated $34 of additional investment for every $1 of award funding * Supported the financing and development of over 205,000 affordable homes, including more than 194,000 rental housing units and nearly 12,000 homeowner-occupied units Low-income families across America experience difficulty finding affordable housing, with many spending over half of their paychecks on rent.
This burden leaves little income for other necessities such as food, medical care, transportation, and savings – essential services that are often not readily available in low-income communities. The Capital Magnet Fund was created to spur investment in affordable housing and related economic development efforts that serve low-income families and low-income communities across the country.
Through the Capital Magnet Fund, the CDFI Fund provides competitively awarded grants to CDFIs and qualified non-profit housing organizations. These awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities.
Awardees are able to utilize funds to create financing tools such as loan loss reserves, revolving loan funds, risk-sharing loans, and loan guarantees.
Organizations that receive Capital Magnet Fund awards are required to produce housing and community development investments at least ten times the size of the award amount, generating a multiplier effect that means that more low-income people and low-income communities nationwide will have housing options within their financial reach.
Capital Magnet Fund Applicants must be: * A non-profit organization operating with a principal purpose of developing or managing affordable housing solutions All Applicants (regardless of entity type) must demonstrate that they have been in existence as a legally formed entity for at least three years prior to the funding round application deadline. For more detailed information, please refer to the Notice of Funds Availability (NOFA).
Based on current listing details, eligibility includes: Community Development Financial Institutions (CDFIs) and qualified nonprofit housing organizations are eligible to compete for program funds. Applicants should confirm final requirements in the official notice before submission.
Current published award information indicates Varies (competitive grant program) Always verify allowable costs, matching requirements, and funding caps directly in the sponsor documentation.
The current target date is rolling deadlines or periodic funding windows. Build your timeline backwards from this date to cover registrations, approvals, attachments, and final submission checks.
Federal grant success rates typically range from 10-30%, varying by agency and program. Build a strong proposal with clear objectives, measurable outcomes, and a well-justified budget to improve your chances.
Requirements vary by sponsor, but typically include a project narrative, budget justification, organizational capability statement, and key personnel CVs. Check the official notice for the complete list of required attachments.
Yes — AI tools like Granted can help research funders, draft proposal sections, and check compliance. However, always review and customize AI-generated content to reflect your organization's unique strengths and the specific requirements of the solicitation.
Review timelines vary by funder. Federal agencies typically take 3-6 months from submission to award notification. Foundation grants may be faster, often 1-3 months. Check the program's timeline in the official solicitation for specific dates.
Many federal programs offer multi-year funding or allow competitive renewals. Check the official solicitation for continuation and renewal policies. Non-competing continuation applications are common for multi-year awards.
Past winners and funding trends for this program