Capital Magnet Fund

Description

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.

Eligibility

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.

Match

Award must be leveraged by a minimum of 10:1

Previous

Jubilee Housing – Washington, DC

Genesis LA Economic Growth Corporation – Los Angeles, CA

Agency
U.S. Treasury Community Development Financial Institutions (CDFI) Fund
Max Award

$2 million

Reporting

Substantial

Information

These grants provide lending capital primarily for CDFIs, and so are not directly accessible to most practitioners. The best approach would be to identify the CDFI(s) working in your targeted community and see whether they have resources to offer. Some may have funding specifically to support arts and cultural facilities development. Bear in mind, however, that CDFIs are more likely to put this funding out as loans than as grants. Certified CDFIs

General program information

Post Tags
Comprehensive Community Development, Economic Development, Housing, Construction/Rehabilitation, Real Estate, Community Facilities

Role in Creative Placemaking

This section represents our attempt to capture how this specific funding opportunity might fit into a placemaking initiative.

Eligibility

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.

Previous Projects/Grantees

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.

Max Award

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.

Match Requirement

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.

Compliance

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.