The Capital Magnet Fund (CMF) offers competitively awarded grants to finance affordable housing solutions and community revitalization efforts that benefit low-income people and communities nationwide. A recent report about CMF’s accomplishments showed the remarkable impact CMF has created for communities:
- $1.8 billion leveraged in other investment by the public and private sector (a 20:1 ratio)
- 10,800 affordable homes produced for families, seniors, veterans, persons with disabilities and the formerly homeless
- 15,000 jobs created and or retained in communities across America
- Constant recycling and redeployment, as CMF funds are returned and reinvested in new projects, meaning that the return on taxpayer dollars continues to multiply for 10 years
Cinnaire was awarded a $4M CMF grant in 2010. The grant allowed us to leverage over $123M in other investments (30:1 leverage ratio), provide financing for 21 projects across 4 states, creating over 1,200 jobs and providing 1,100 affordable rental units.
The federal government allocated another $92.5M through CMF in 2016. Cinnaire received an additional $5.5M to deploy through the program. We expect to generate the same positive impact created from the first round of funding.
To learn more about CMF and read the full report, please click here.