HAND is pleased to announce that seven of its members are recipients of Capital Magnet Funds. The Capital Magnet Fund helps low-income families and economically distressed communities by attracting investment for affordable housing and related economic development. The Capital Magnet Fund provides competitively awarded grants to CDFIs and qualified non-profit housing organizations to develop, rehabilitate, preserve, and purchase affordable housing for Low-, Very Low-, and Extremely Low-Income families. Capital Magnet Fund awards can be used to finance affordable housing activities as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics.
Of the 116 applicants, the Capital Magnet Fund awarded a total of 38 organizations, 14 of which are nonprofit housing organizations, and 24 of which are CDFIs. $142.9 million was awarded in total. Awardees plan to develop more than 25,700 affordable homes, including 23,000 rental units and 2,700 homeownership units. Combined, 95% of all housing will be developed for Low-Income Families (80% of the Area Median Income or below).
HAND members who received funding are as follows:
- Mission First Housing Group
- Jubilee Housing
- Low Income Investment Fund
- National Housing Trust
- Preservation of Affordable Housing
- Volunteers of America
More details on the latest round of funding here. Congratulations to all awardees!