US Treasury Awards $92M for Affordable Housing

The allocation is expected to trigger a total investment of more than $900 million for low-income communities.

affordable-housing

Washington—The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has granted 32 organizations roughly $91.5 million for the development of affordable housing and community facilities in low-income communities. Of the awardees, 23 are community development financial institutions and nine are non-profit groups.

The recipients will collectively serve 37 states and Washington, D.C., while nine of them will invest 50 percent or more of their awards in non-metropolitan areas. The grants will impact thousands of families. “The program requires recipients to leverage $10 of housing and economic development investments for every $1 of federal funds, meaning the awards will support more than $900 million of investment in low-income communities,” Annie Donovan, CDFI Fund director, said in a prepared statement.

The allocation represents the 2016 round of the Capital Magnet Fund, a federal financing program launched in 2010, which supports the preservation, rehabilitation, development or purchase of affordable housing for low-income communities, as well as related economic development and community service facilities such as day care centers, workforce development centers and healthcare clinics.

The 32 awardees were selected out of 125 organizations that sent applications, following a merit-based competitive review.

Image courtesy of the Capital Magnet Fund