Opportunity Information: Apply for CDFI 2021 CMF
The Fiscal Year 2021 Capital Magnet Fund (CMF) Program is a mandatory federal grant program run by the U.S. Department of the Treasury through the Community Development Financial Institutions (CDFI) Fund. Its purpose is to push significant capital into affordable housing and related community investment in places that need it most, especially low-income neighborhoods and underserved rural areas. Funding is awarded in the form of grants to help organizations finance housing and complementary community and economic development efforts as part of a coordinated plan to strengthen a target area.
The program focuses on two main kinds of activities. First, it supports affordable housing projects, including the development of new units as well as the preservation, rehabilitation, or purchase of existing affordable housing. The housing supported is intended to primarily serve extremely low-, very low-, and low-income families. Second, CMF can support economic development activities or community service facilities that are tied to affordable housing strategies. The opportunity description highlights examples such as day care centers, workforce development centers, and health care clinics. The key idea is that these non-housing investments should work alongside the housing activities to implement a concerted strategy that stabilizes or revitalizes a low-income area or an underserved rural area, rather than being isolated, standalone projects.
Eligibility is limited to certified Community Development Financial Institutions (CDFIs) and certain nonprofit organizations, with the full clarification provided in the official eligibility guidance referenced on the CDFI Fund website. The funding activity category is community development (CFDA number 21.011), and the funding instrument is a grant.
For this FY 2021 round, the funding opportunity number is CDFI-2021-CMF. The notice was created on August 26, 2021, and the original application deadline was September 30, 2021. The program anticipated making about 55 awards. The stated award ceiling is $57,000,000, and the notice also states that an individual CMF award cannot exceed 15% of the total program funding available for the round. Application requirements and detailed instructions are provided by the CDFI Fund on its website, which is where applicants would find the specific documentation, thresholds, and compliance expectations needed to submit a complete application.Apply for CDFI 2021 CMF
- The US Department of the Treasury, Community Development Financial Institutions in the community development sector is offering a public funding opportunity titled "Fiscal Year 2021 Capital Magnet Fund Program" and is now available to receive applicants.
- Interested and eligible applicants and submit their applications by referencing the CFDA number(s): 21.011.
- This funding opportunity was created on Aug 26, 2021.
- Applicants must submit their applications by Sep 30, 2021. (Agency may still review applications by suitable applicants for the remaining/unused allocated funding in 2026.)
- Each selected applicant is eligible to receive up to $57,000,000.00 in funding.
- The number of recipients for this funding is limited to 55 candidate(s).
- Eligible applicants include: Others (see text field entitled Additional Information on Eligibility for clarification).
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Capital Magnet Fund (CMF) Program (FY 2021) - FAQs
What is the Fiscal Year 2021 Capital Magnet Fund (CMF) Program?
The Fiscal Year 2021 Capital Magnet Fund (CMF) Program is a mandatory federal grant program administered by the U.S. Department of the Treasury through the Community Development Financial Institutions (CDFI) Fund. It is designed to channel significant capital into affordable housing and related community investments in areas with the greatest need.
What is the purpose of the CMF Program?
The purpose of the CMF Program is to promote affordable housing and related community and economic development activities as part of a coordinated plan to strengthen a target area. The program places special emphasis on low-income neighborhoods and underserved rural areas.
Who administers the CMF Program?
The program is run by the U.S. Department of the Treasury through the CDFI Fund.
What types of funding does CMF provide?
CMF awards funding in the form of grants.
What is the funding activity category and CFDA number for this opportunity?
The funding activity category is community development, and the CFDA number is 21.011.
What is the funding opportunity number for the FY 2021 CMF round?
The funding opportunity number is CDFI-2021-CMF.
What types of activities can CMF funds support?
The program supports two main types of activities: (1) affordable housing activities and (2) related economic development activities or community service facilities that are tied to affordable housing strategies as part of a coordinated plan for a target area.
What affordable housing activities are eligible under CMF?
CMF can support affordable housing activities such as developing new affordable housing units and preserving, rehabilitating, purchasing, or otherwise supporting existing affordable housing.
Who is the intended population served by CMF-supported housing?
The affordable housing supported by CMF is intended to primarily serve extremely low-, very low-, and low-income families.
Can CMF funds be used for non-housing projects?
CMF can support certain non-housing investments, but the description emphasizes that these should be connected to affordable housing strategies and implemented as part of a concerted, coordinated plan to stabilize or revitalize a low-income area or an underserved rural area. They are not intended to be isolated, standalone projects.
What are examples of eligible non-housing investments mentioned in the opportunity description?
Examples highlighted include community service facilities or economic development activities such as day care centers, workforce development centers, and health care clinics, when tied to an affordable housing strategy.
What kinds of areas does CMF prioritize?
The opportunity emphasizes investment in places that need it most, especially low-income neighborhoods and underserved rural areas.
What does it mean that CMF investments should be part of a "coordinated plan"?
Based on the description, CMF-supported housing and any complementary community or economic development efforts should work together to implement a concerted strategy for strengthening a target area, rather than being unrelated or standalone activities.
Who is eligible to apply for CMF grants?
Eligibility is limited to certified Community Development Financial Institutions (CDFIs) and certain nonprofit organizations. The opportunity notes that full eligibility clarification is provided in official eligibility guidance on the CDFI Fund website.
Where can applicants find the official eligibility guidance?
The notice indicates that eligibility guidance is referenced on the CDFI Fund website.
Where can applicants find application requirements and detailed instructions?
Application requirements and detailed instructions are provided by the CDFI Fund on its website. The description indicates this is where applicants would find required documentation, thresholds, and compliance expectations for a complete application.
When was the FY 2021 CMF notice created?
The notice was created on August 26, 2021.
What was the original application deadline for the FY 2021 CMF round?
The original application deadline was September 30, 2021.
How many awards did the program anticipate making for FY 2021?
The program anticipated making about 55 awards.
What is the maximum award size (award ceiling) stated in the notice?
The stated award ceiling is $57,000,000.
Is there a limit on how large an individual CMF award can be relative to total program funding?
Yes. The notice states that an individual CMF award cannot exceed 15% of the total program funding available for the round.
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