Funding to Drive Affordable Housing Development in Disinvested Communities
Cinnaire has been awarded a $7.5 million grant from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund through the highly competitive Capital Magnet Fund (CMF) program. This year, the CDFI Fund awarded a total of $246 million to 48 organizations nationwide from among 136 applicants.
The Capital Magnet Fund awards grants to CDFIs and nonprofit housing organizations to develop, rehabilitate, and preserve affordable housing. These grants particularly focus on housing for low-, very low-, and extremely low-income families, while also driving broader community development initiatives. Cinnaire has previously leveraged these awards to support affordable housing in partnership with private investors, creating impactful change across its footprint.
“The Capital Magnet Fund plays a vital role in providing the capital needed to develop affordable housing in communities that need it most. We are incredibly grateful to the CDFI Fund for this award and their ongoing support of our work,” said Katey Forth, Cinnaire Executive Vice President, Public Funding. “Since 2011, Cinnaire has secured more than $42.9 million through CMF awards, which has allowed us to leverage private financing to address housing instability and create opportunity for families and local economies.”
Awardees are required to leverage their CMF awards to produce investments at least 10 times the award amount, ensuring that a minimum of $2.46 billion will be invested nationwide from this round of funding. Cinnaire’s $7.5 million grant will fuel the development of affordable housing and community facilities that strengthen economic equity across its nine-state footprint.
The CDFI Fund Capital Magnet Fund has become an essential resource in combating the affordable housing crisis in the United States.
“Today’s awards will increase affordable housing supply and expand access to child care and health care for families across America,” said Secretary of the Treasury Janet L. Yellen in an announcement released by the US Treasury Department. “These awards are projected to leverage nearly $9 billion in private and public sector resources to spur development in communities that need additional investment to create opportunities for communities to get ahead.”
Since its first CDFI Fund Award in 2011, Cinnaire has consistently utilized Capital Magnet Fund grants to address housing instability and foster economic development. With this new award, Cinnaire will continue its efforts to transform communities through impactful projects, advancing its mission of economic equity.
