On July 18, the CDFI Fund opened the 2018 funding round for the Capital Magnet Fund with a September 17 application deadline. Eligible applicants for the CMF are limited to Community Development Financial Institutions or non-profits with a principal purpose of developing or managing affordable housing solutions.
To date, the CMF has generated $20 of additional investment for every $1 of award funding and created over 13,000 affordable homes, including over 11,500 rental housing units.
HUD announced an increase in deductibles for wind and named insurance coverage for multifamily properties financed with FHA-insured mortgages as a measure to address rising wind and storm insurance costs in recent years with extreme weather events expected to continue.
The Environmental Protection Agency (EPA) awarded grants under the $7 billion Solar for All program, which will create or expand existing low-income solar programs.
The decoupling of rental assistance from Section 514/515 loans under the Consolidated Appropriations Act of 2024 will now permit properties with Section 514/515 maturing mortgages to continue to receive rental assistance to further preserve affordable housing. A stakeholder engagement session is being held on April 25 at 2 p.m. ET and those interested in participating are encouraged to register.
Senate, House Hold FY 2025 HUD Appropriations Hearings – April 30 & May 1