The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the application data for the fiscal year (FY) 2019 round of its Capital Magnet Fund program. A total of 113 organizations submitted applications requesting more than $522 million in funding. The applicants propose to serve 49 states, the District of Columbia and Puerto Rico. In total, 58 percent of the applicants are certified Community Development Financial Institutions (CDFIs), and the remaining 42 percent of the applicants are nonprofit affordable housing organizations.
Approximately $131 million is available for awards for the FY 2019 round. The FY 2019 application period closed on August 26, 2019. The CDFI Fund currently expects to announce the awards in early 2020. For more information about the Capital Magnet Fund, visit the CDFI Fund’s website at www.cdfifund.gov/cmf.