$168 million available through two community development FI programs

Fiscal 2018 funding rounds for two Treasury Community Development Financial Institutions (CDFI) Fund programs have opened, with up to $168 million in awards possible to support affordable housing activities as well as insured-bank investment in CDFIs and distressed communities.

Approximately $142.9 million in grants is planned by the CDFI Fund’s Capital Magnet Fund, a competitive grant program that awards funds to CDFIs and to qualified nonprofit organizations to facilitate affordable housing activities and related economic activities and community service facilities.

Another $25 million is slated for awards through the CDFI Fund’s Bank Enterprise Award Program. The program provides financial incentives to depository institutions insured by the Federal Deposit Insurance Corp. (FDIC) to expand investments in CDFIs and to increase lending, investment, and service activities within distressed communities.

For Capital Magnet Fund applicants, a series of deadlines apply; these begin Aug. 20 and end with a final funding application deadline of Sept. 17. For BEA Program applicants, a grant application package must be submitted by Aug. 23, and program applications are due Sept. 20.

Capital Magnet Fund Notice of Funding Availability (July 20 Federal Register)

Bank Enterprise Award Program Notice (slated for July 23 Federal Register)