Capital Magnet Fund
The CDFI Fund awards Capital Magnet Fund grants to certified CDFIs and select other entities. The awardees use the grants as capital to finance (1) affordable housing for primarily extremely low-, very low- and low-income families and (2) economic development activities or community service facilities in order to stabilize or revitalize a low-income area or underserved rural area.
Certified CDFIs or nonprofits operating with the principal purpose of developing or managing affordable housing solutions
Role In Creative Placemaking
Capital Magnet Funds could provide capital for arts and culture related real estate or business projects, e.g., affordable artist housing, or community facilities.
Award must be leveraged by a minimum of 10:1
Jubilee Housing – Washington, DC
Genesis LA Economic Growth Corporation – Los Angeles, CA
Role in Creative Placemaking
This section represents our attempt to capture how this specific funding opportunity might fit into a placemaking initiative.
Who can apply? Eligibility is often limited, but in partnership with other entities you may identify an access point, such as subgrant opportunities. This information can help you determine which potential partners in your community might be able to access the funds.
These examples show how these funds have been used for creative or placemaking endeavors in the past, the types of organizations that have successfully accessed the funds and/or the types of activities for which the funds can be used.
Maximum funding amounts can vary from year to year. We have provided the most recent information available. Where available, we also include a median or a range in cases in which the maximum is not typical of an average award.
Most federal programs require some form of cost sharing. This is expressed differently for different agencies and programs. Sometimes a direct 1:1 match is specified. Other times, the application will state the maximum percentage of a project cost that the funding award can cover. We include this information, where available, in order to give you a sense of what to expect when applying for a particular funding program.
Most federal funding programs will require financial and progress reports at least annually, along with a final report. We consider this to be a "moderate" compliance burden. Where a higher degree of data collection and reporting is indicated, we convey that information with a "substantial" rating.