Grant Details

Capital Magnet Fund (CMF) - FY 2024

Agency: U.S. Department of the Treasury
CFDA: 21.011
Federal FON: CDFI-2024-CMF
Office: Community Development Financial Institutions (CDFI) Fund
Multipart Grant: No
Next Due: 04/16/2024 (Multiple)
Solicitation Date: Unknown
Match Required: Yes
Match Type: Unspecified
Actual Funds: $246,500,000 (Estimated)
Award Range: $500,000 (Min)

The purpose of this program is to attract private capital for, and increase investment in, the development, preservation, rehabilitation, or purchase of affordable housing for primarily low-, very low-, and extremely low-income families. Funding will also support economic development activities that, in conjunction with affordable housing activities, implement a concerted strategy to stabilize or revitalize low-income areas or underserved rural areas.

Eligible activities include:

  • Providing loan loss reserves
  • Capitalizing a revolving loan fund
  • Capitalizing an affordable housing fund
  • Capitalizing a fund to support economic development activities
  • Risk-sharing loans
  • Providing loan guarantees

Priority will be given to projects that meet at least one of the following criteria:

  • At least 20 percent of all rental affordable housing units that will be financed and/or supported through this program will be targeted to very low-income families, and/or at least 20 percent of all homeownership affordable housing units that will be financed and/or supported through this program will be targeted to low-income families
  • Projects where rental affordable housing units are located in areas of economic distress (AED) or high opportunity areas (HOAs)
  • Projects where affordable housing is either located in AEDs or is targeted to low-income families
  • The project will leverage private capital to finance and/or support affordable housing activities and economic development activities

In addition, the funding agency seeks to fund projects that serve geographically diverse areas of economic distress, including metropolitan areas and underserved rural areas. Priority will be given to projects that serve American Samoa, Guam, the Northern Mariana Islands, the U.S. Virgin Islands, and Wyoming.

More favorable scoring will also be granted to projects and applicants that:

  • Clearly align proposed activities with identified affordable housing needs and financing gaps
  • Demonstrate that project activities will result in more favorable financing rates and terms
  • Demonstrate that projected activities are achievable
  • Describe a process for selecting projects that have a clear need for financing
  • Have a credible pipeline of projects or can demonstrate clear demand for proposed products from borrowers
  • Have a clear strategy and track record of leveraging private capital
  • Have a clear strategy for attracting capital and demonstrate a track record of leveraging funds at the enterprise level, through reinvestments, and/or at the project level

Eligible costs include development hard costs, including site improvements; financing costs; costs of acquisition; refinancing; land or building acquisition costs; soft costs associated with financing or development of the project; relocation costs; and loan loss reserves or loan guarantees.

Optional webinars are scheduled for this program. Refer to the Application section for details.

Last Updated: March 05, 2024

Eligibility Notes:

Eligible applicants are:

  • Certified community development financial institutions (CDFIs)
  • Nonprofit organizations that have the development or management of affordable housing as one of their principle purposes

Applicants may apply as individual members of a consortium. For the purposes of this program, a consortium is comprised of a group of at least two, and no more than five, eligible and unaffiliated CDFIs or nonprofit affordable housing developers/managers.

CDFIs must meet the following requirements:

  • Have been in existence as legally formed entities for at least three years prior to the application deadline
  • Have been determined by the funding agency to meet CDFI certification requirements set forth in Title 12, Section 1805.201, of the Code of Federal Regulations (C.F.R.) and as verified in the applicant's Awards Management Information System (AMIS) account, as of February 15, 2024
  • Have audited financial statements encompassing their two most recently completed fiscal years prior to February 15, 2024

Nonprofit organizations must meet the following requirements:

  • Have been in existence as legally formed entities for at least three years prior to the application deadline
  • Meet the definition of nonprofit organizations set forth in Title 12, Section 1807.104, of the C.F.R.
  • Demonstrate that the development or management of affordable housing is among their principal purposes through articles of incorporation, bylaws, or other board-approved documents
  • Demonstrate that at least 33.3 percent of their total assets are dedicated to the development or management of affordable housing 
  • Have audited financial statements encompassing their two most recently completed fiscal years prior to February 15, 2024

For applicants that are regulated institutions, the applicant must have a CAMELS/CAMEL rating by its federal regulator of at least three.

New and previous applicants, as well as previous award recipients, are eligible to apply.

Each applicant may submit only one application. An applicant may receive only one award through this funding cycle. Affiliates of applicants are not allowed to apply separately.

The following entities are not eligible for funding through this program:

  • CDFIs that have been notified by the funding agency that their certification has been terminated
  • 501(c)(4) organizations that engage in lobbying activities
  • Entities in which a final determination has been issued by any court, governmental agency, or administrative body within the last three years of the date of the solicitation that the entity has violated the non-discrimination and equal opportunity statutes, regulations, and executive orders detailed on page 6 of the NOFA file
  • Regulated institutions with CAMELS/CAMEL ratings of four or five
  • Organizations with a prompt corrective action directive from their regulator

Previous award recipients include:

  • Community Corporation of Santa Monica (Santa Monica, CA)
  • Impact Development Fund (Loveland, CO)
  • The Affordable Housing Trust for Columbus and Franklin County (Columbus, OH)
  • Raza Development Fund, Inc. (Phoenix, AZ)
  • Ability Housing, Inc. (Jacksonville, FL)

Refer to the Award file for additional information regarding previous award recipients.

Eligible Applicants:
Native American Tribe
Non Profits
Private Sector
Application Notes:

Prior to application submission, new applicants must create an account for the funding agency's online AMIS system by 11:59 p.m. ET on March 14, 2024.

Title VI compliance worksheets must be submitted by 11:59 p.m. ET on March 14, 2024. If an organization applies to multiple of the funding agency's programs during the calendar year, they only need to submit one worksheet annually. Refer to the TitleVIGuide file in the Guide folder for additional information.

Title VI compliance worksheets must be submitted online at

SF 424 Mandatory forms must be submitted by 11:59 p.m. ET on March 14, 2024.

SF 424 Mandatory forms must be submitted online at

For applicants using a consortium approach, service requests must be submitted by 11:59 p.m. ET on March 14, 2024.

Service requests must be submitted online at

Applications must be submitted by 11:59 p.m. ET on April 16, 2024.

Applications must be submitted online at

Applications must include:

  • Organization and applicant information
  • Proposed uses of award
  • Track record and projections
  • Information regarding leveraging the award
  • Adaptability
  • Potential outcomes and impacts
  • Geographic and income targeting
  • Community engagement and strategy alignment
  • Rural areas
  • Organization capacity
  • Appendices
  • 501(c)(4) questionnaire (if applicable)

The following are required in order to submit an application:

  • Unique Entity Identifier (UEI) number
  • SAM (System for Award Management) registration

Applicants may obtain a UEI number and verify or renew SAM registration status at

Optional webinars will be held for this program as follows:

December 6, 2023
2:00 p.m. ET

Housing Developers/Managers Entity Approach:
February 27, 2024
2:00 p.m. - 4:00 p.m. ET

Financing Entity Approach:
February 28, 2024
2:00 p.m. - 4:00 p.m. ET

Consortium Approach:
March 6, 2024
2:00 p.m. - 4:00 p.m. ET

Question-and-Answer (Q&A) Session: All Applicants:
April 3, 2024
2:00 p.m. - 4:00 p.m. ET

Recordings of previously held webinars for this program are available online at

Applications will be evaluated according to the following quantitative assessment factors:

  • Business and leveraging strategy (40 points)
  • Community impact (35 points)
  • Organizational capacity (25 points)

Applications that advance from the external review will be evaluated according to the following internal review criteria:

  • Final external review score
  • Alignment with program statutory and policy priorities
  • Overall quality of the applicant’s strategy
  • Applicant’s organizational capacity and financial health

As part of the application evaluation process, the funding agency may contact the applicant by telephone, email, or mail, or through an on-site visit, to clarify or confirm application information.

Refer to the NOFA file and Guide folder for additional application information.

Match Required: Yes
Match Type: Unspecified
Actual Funds: $246,500,000 (Estimated)
Award Range: $500,000 (Min)
Match Notes:

Applicants must demonstrate that if they were to receive an award through this program, it would result in eligible project costs that equal at least ten times the amount of the award. Eligible project costs are the sum of leveraged costs and those costs funded by awards. No costs attributable to direct administrative expenses may be considered eligible project costs.

Sources of capital leveraged by the award may include:

  • Loans from banks
  • Investments from foundations
  • Equity through Low Income Housing Tax Credits (LIHTC)
  • Funds contributed by the applicant or by state or local governments

The following may not be counted or reported as leveraged costs:

  • Costs financed/supported by other awards/allocations provided through the funding agency's programs, including previous awards provided through this program
  • The repayment of funds awarded through this program during the investment period from the borrower to the award recipient
  • Rental income
Funding Notes:

Approximately $246.5 million is expected to be available to support awards of at least $500,000 through this program.

No more than 15 percent of the total funding available will be issued to any applicant, its subsidiaries, and its affiliates in the same funding round.

Award announcements are anticipated to be made in calendar year 2024.

The project period will begin on the date that the funding agency announces award recipients, and will end following the end of the ten-year period of affordability.

Economic development activities are limited to 30 percent of the total award amount.

Direct administrative expenses are limited to 5 percent of the total award amount.

Funds may not be used for projects that also receive funding from other awards or allocations the applicant or any of its affiliates has received from the funding agency, with the exception of awards provided through this program; however, funds may be used to finance/support a different phase of development than what is funded by other program awards/allocations. For applicants that have received multiple awards through this program, these awards are not subject to this phasing restriction and may be combined in the same project phase.

Funds may not be used for:

  • Distribution to any affiliate, subsidiary, or third-party entity in any manner that would create a subrecipient relationship, unless given prior written approval by the funding agency
  • Homeownership properties that are permanently financed or supported by both funds awarded through this program and awards/allocations from the funding agency's other programs
  • Paying principal, interest, fees, administrative costs, or insurance costs related to the funding agency's Community Development Financial Institution (CDFI) Bond Guarantee Program or funding the risk share pool for a bond issue by participants of the CDFI Bond Guarantee Program, including qualified issuers, eligible CDFIs, and secondary borrowers

For FY 2023, a total of $321.2 million was distributed via 52 awards ranging from $1.5 million to $12 million through this program. For FY 2021, a total of $336.4 million was distributed via 59 awards ranging from $950,000 to $12 million. Refer to the Award file for details.


Primary Contact:

Program Staff
(202) 653-0421

Community Development Financial Institution (CDFI) Fund Compliance and Reporting Contact:

Program Staff
(202) 653-0423

CDFI Fund Certification Contact:

Program Staff
(202) 653-0423

Agency Address
U.S. Department of the Treasury
Community Development Financial Institutions Fund
1801 L Street, NW, 6th Floor
Washington, D.C. 20036

Contact Notes:

Questions should be directed to the funding agency via a service request through the online Awards Management Information System (AMIS) at or to the appropriate program contact provided. Questions must be submitted by 5:00 p.m. ET on April 12, 2024.

SF 424 Mandatory forms must be submitted online at

Title VI compliance worksheets, service requests, and applications must be submitted online at

The agency address provided is for reference purposes only.

Award File: US9070_Award_FY2024.pdf (7.7 Mb)
NOFA File: US9070_NOFA_FY2024.pdf (386.8 Kb)
Guide File: (9.8 Mb)
Other Pre-Award File: US9070_Glossary_FY2024.pdf (258.5 Kb)
Other Pre-Award File: US9070_InterimRule_FY2024.pdf (264.7 Kb)
Other Pre-Award File: US9070_Evaluation_FY2024.pdf (148.9 Kb)
Other Pre-Award File: US9070_Webinar_FY2024.pdf (169.8 Kb)
Other Pre-Award File: US9070_WebinarPresentation_FY2024.pdf (727.3 Kb)
Other Pre-Award File: US9070_FAQ_FY2024.pdf (3.2 Mb)
File Notes:

The NOFA file contains the full solicitation for this program. The Guide folder contains detailed program information and application guidelines. The Glossary file contains the glossary for this program. The InterimRule file contains the interim rule for this program. The Evaluation file contains detailed information regarding the application evaluation process for this program. The Webinar file contains information regarding optional webinars scheduled for this program. The WebinarPresentation file contains the presentation slides from a webinar held for this program. The FAQ file contains a list of answers to frequently asked questions regarding this program. The Award file contains information on previous award recipients. Additional program resources can be found online at

February 15, 2024
Full solicitation information for this program has been released and attached as the NOFA file. All sections have been updated accordingly.

December 14, 2023
Slides from a webinar presentation held for this program have been released and attached as the WebinarPresentation file. The Eligibility section has been updated accordingly. In addition, a recording of the webinar for this program has been released, and a link to the presentation is available in the Application section.

Grant Keywords
Capital Magnet Fund, Department of the Treasury, Community Development Financial Institutions Fund, CDFI, CMF, rental, for-sale, single-family, multi-family, home, house, live, shelter, investment, banking, financial resources, physical structure, building, health care, social service, education, underserved, unserved, redevelopment, brownfield, revitalize, owner-occupied, occupant, inhabitants, construct, utilities, utility, income, household, homeowner, homeownership, condo, condominium, townhouse, duplex, interest, renter, landlord, management, cottage, fix, infrastructure, neighborhood revitalization, rebuild, refurbish, rehab, rehabilitate, rehabilitation, renewal, renovate, renovation, repair, restoration, restore, sustainable development, urban renewal, underrepresented, very low-income, underprivileged, needy, minority population, low-income, minority, Native American, tribe, tribal, Latino, extremely low-income, economically disadvantaged, Hispanic, minorities, children, elderly, families, family, senior citizen, fair housing, affordable housing, affordability, apartment, complex, flat, residence, unit, acquisition, at-risk, impoverished, needy family, poor, poverty, voucher, welfare, economy, economic development, distressed, private capital, rural, develop, developing, developer, development, preserve, preserving, preservation, purchase, purchasing, acquire, acquiring, community service, facility, facilities, workforce, employment, job, center, health, healthcare, clinic, territory, territories, American Samoa, Northern Mariana Islands, Mariana Islands, Guam, Virgin Islands, U.S. Virgin Islands, AED, HOA, community need, financing, credit, capital, advocacy, advocate, single family, multifamily, local need, real estate, construction, AMFI, AMI, area median family income, area median income, Section 8, housing shortage, housing crisis, housing availability
Grant Categories
Community Development
Economic Development
Rural Issues
Human Services