Capital Magnet Fund

To attract financing for and increase investment in affordable housing for low-income, very low-income, and extremely low-income people and certain related economic and community development activities.



Agency - Department of the Treasury

The Department of Treasury is a steward of United States economic and financial systems, and promotes conditions for prosperity and stability in the U.S., and encourages prosperity and stability in the rest of the world.




Selected Recipients for this Program


RecipientAmount Start DateEnd Date
Enterprise Community Loan Fund Inc $ 7,500,000   2019-02-13
Century Housing Corporation $ 7,500,000   2019-02-13
National Church Residences $ 7,500,000   2019-02-13
Housing Assistance Council-$ 500,000   
Mainestream Finance-$ 50,000   
Impact Development Fund $ 5,000,000   2019-02-13
Wisconsin Housing And Economic Development Authority $ 5,470,000   
Century Housing Corporation $ 6,500,000   
Colorado Housing And Finance Authority $ 7,100,000   
Self Help Ventures Fund $ 6,750,000   2019-02-13



Program Accomplishments

Not Applicable.

Uses and Use Restrictions

The CDFI Fund awards Capital Magnet Fund grants to certified Community Development Financial Institutions (CDFIs) and certain nonprofit organizations to finance: (1) the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and (2) economic development activities or community service facilities, such as day care centers, workforce development centers, and health care clinics, which in conjunction with affordable housing activities implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area.

Each recipient enters into an assistance agreement that specifies the terms and conditions related to expenditures (including eligible uses) of the grant funds, requires compliance with performance goals, and requires reporting on performance outcomes.

Eligibility Requirements

Applicant Eligibility

Applicants must be (1) a Treasury certified CDFI; or (2) a nonprofit organization having as one of its principal purposes the development or management of affordable housing.

Beneficiary Eligibility

Low income, very low-income, and extremely low-income people as set forth in 12 C.F.R. 1807.

Credentials/Documentation

An applicant must provide information necessary to establish that it is an eligible organization in order to apply for assistance. This information is included as part of the application materials. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.

Aplication and Award Process

Preapplication Coordination

Preapplication coordination is not applicable.

Environmental impact information is not required for this program.

This program is excluded from coverage under E.O.

12372.

Application Procedures

2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Each applicant must complete an application package. All applications must be received by the established deadline.

Award Procedures

The CDFI Fund reviews applications and makes awards based on an established awards review process set forth in the Notice of Funds Availability (NOFA) and application materials.

Deadlines

Contact the headquarters or regional office, as appropriate, for application deadlines.

Authorization

The Housing and Economic Recovery Act of 2008, Section 1131, Public Law 110-289.

Range of Approval/Disapproval Time

Award approval/disapproval determinations are generally made within 180 days after the application deadline. The application deadline is 60 days subsequent to the NOFA publication date.

Appeals

Not Applicable.

Renewals

Not Applicable.

Assistance Considerations

Formula and Matching Requirements

Statutory formulas are not applicable to this program. This program has no matching requirements. Certain leverage requirements apply. MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

Recipients must commit all funds within two years; begin initial expenditure of funds within three years; and place the projects into service within five years of the award. Method of awarding/releasing assistance: lump sum.

Post Assistance Requirements

Reports

Post-award reporting consists of annual performance and financial reporting.

No cash reports are required.

The performance reports include the following components: an investment period report, an affordability period report, and SF-425 ? Expenditure of Financial Assistance Report.

In certain circumstances, environmental review notification reports or explanations of noncompliance may be required.

Financial reporting includes annual submission of a financial audit or Single Audit Report, if applicable.

Expenditure Reports are included in the SF-425 ? Expenditure of Financial Assistance Report.

Performance reports include an investment period report and an affordability period report.

Audits

In accordance with the provisions of 2 CFR 200, Subpart F - Audit Requirements, non-Federal entities that expend financial assistance of $750,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Non-Federal entities that expend less than $750,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in 2 CFR 200.503.

Records

Award recipients must maintain records to substantiate total costs incurred and to assure that all performance measures are met. Records must be retained in accordance with the provisions of applicable OMB guidance and the terms of the assistance agreement.

Financial Information

Account Identification

20-8524-0-7-451.

Obigations

(Project Grants) FY 16 $91,500,000; FY 17 Estimate Not Available; and FY 18 Estimate Not Available - No funds were appropriated for the program in FY 2011, FY 2012, FY 2013, FY 2014, and FY 2015.

Range and Average of Financial Assistance

The maximum allowable award is 15% of the annual available funding.

Regulations, Guidelines, and Literature

Interim Rule (12 C.F.R. 1807); NOFA; and application materials.

Information Contacts

Regional or Local Office

None.

Headquarters Office

Capital Magnet Fund 1500 Pennsylvania Avenue, N.W., Washington, District of Columbia 20036 Email: cmf@cdfi.treas.gov Phone: (202) 653-0300

Criteria for Selecting Proposals

Applicants are evaluated based upon criteria set forth in the interim rule, the NOFA, and application materials.



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