Comments Solicited on Magnet Fund

By A. J. Johnson & Caitlin Jones
May 18, 2009 1 min read

Tax Credit Advisor, April 2009 The Community Development Financial Institutions (CDFI) Fund is soliciting public comments and responses to questions and issues raised regarding how it should design, implement, and administer the new Capital Magnet Fund (CMF) program authorized by the Housing and Economic Recovery Act of 2008 (HERA). Comments are due by 5/5/09.

CMF will offer competitive grants to eligible community development financial institutions (CDFIs) and nonprofits to help attract private capital for the development, preservation, rehabilitation, and purchase of affordable housing. The funds will also support economic development activities or community service facilities that, when paired with affordable housing activities, will implement a strategy to stabilize or revitalize a low-income area or underserved rural area.

Under HERA, eligible uses of funds include providing loan loss reserves, capitalizing revolving loan or affordable housing funds, capitalizing funds to support economic development activities or community service facilities, and funding risk-sharing loans.

In the Federal Register notice, the CDFI Fund seeks responses to specific questions about eligible activities, application criteria, geographic diversity, prohibited uses, and other areas.

(Notice: http://edocket.access.gpo.gov/2009/E9-4648.htm)

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