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.
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:
- $7.4 billion leveraged in other investment by the public and private sector (a 20:1 ratio)
- 43,000 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 has been awarded a total of $42.9 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.
Since its creation in 1994, the CDFI Fund has awarded more than $5.5 billion to CDFIs, community development organizations, and financial institutions through: the Bank Enterprise Award Program; the Capital Magnet Fund; the CDFI Rapid Response Program; the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Economic Mobility Corps; the Financial Education and Counseling Pilot Program; the Native American CDFI Assistance Program; and the Small Dollar Loan Program. In addition, the CDFI Fund has allocated $66 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program and closed guaranteed bonds for more than $1.8 billion through the CDFI Bond Guarantee Program.