Award Provides Financing to Support Affordable Housing for Low- and Very-Low Income Communities
Cinnaire was recently awarded $4.15 million in grants from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Capital Magnet Fund. The grants will be used to support affordable housing and community development throughout Cinnaire’s footprint.
The Capital Magnet Fund helps low-income families and economically distressed communities by attracting investment for affordable housing and related economic development. The Capital Magnet Fund provides competitively awarded grants to CDFIs and qualified non-profit housing organizations to develop, rehabilitate, preserve, and purchase affordable housing for low-, very low-, and extremely low-income families. For the FY 2017 Capital Magnet Fund grants, the CDFI Fund received 120 applications. Forty organizations received awards totaling $120 million in grants from the CDFI Fund. Cinnaire projects the $4.15 million award will create or preserve over 500 units of affordable housing while supporting more than 580 jobs. Since 2011, Cinnaire has received a total of $13.65 million in Capital Magnet Fund Awards.
“This award will allow Cinnaire to further our mission of supporting healthy, vibrant communities,” said Katey Forth, Cinnaire Lending President. “The CDFI Fund provides critical financing tools that leverage private investment to support community and economic development in distressed neighborhoods. We look forward to working with our investors and development partners to use this award to finance affordable housing and support community revitalization.”
Since its creation in 1994, the CDFI Fund has awarded nearly $2.9 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, and the Capital Magnet Fund. In addition, the CDFI Fund has allocated $54 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program and $1.36 billion in bonds has been guaranteed through the CDFI Bond Guarantee Program.
