Capital Magnet Fund

The Capital Magnet Fund (CMF) program provides flexible financing to support affordable housing and related economic development activities in communities in need. Cinnaire has been awarded a total of $13.65 million through the CMF program since 2011. The program supports our efforts to leverage private investment to finance supportive housing and community development projects in underserved communities. With CMF funds, we can offer borrowers access to flexible financing to acquire, rehabilitate or preserve affordable housing projects and community facilities in competitive markets.

About the CMF

The Housing and Economic Recovery Act (HERA) of 2008 created the CMF and National Housing Trust Fund (NHTF) to increase the availability of affordable housing for low-income families, seniors, veterans, people with disabilities and others in need—and to spur economic development. The CMF was created to attract private capital investment into these activities.

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
Capital Magnet Fund
Capital Magnet Fund
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.