The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has granted 32 organizations roughly $91.5 million for the development of affordable housing and community facilities in low-income communities. Of the awardees, 23 are community development financial institutions and nine are non-profit structures. The recipients will collectively serve 37 states and the District of Columbia, while nine of them will invest 50 percent or more of their awards in non-metropolitan areas. The grants will impact thousands of families. “The program requires recipients to leverage $10 of housing and economic development investments for every $1 of federal funds, meaning the awards will support more than $900 million of investment in low-income communities,” Annie Donovan, CDFI Fund director, said in a prepared statement. The allocation represents the 2016 round of the Capital Magnet Fund, a federal financing program launched in 2010, which supports the preservation, rehabilitation, development or purchase of affordable housing for low-income communities, as well as related economic development and community service facilities such as day care centers, workforce development centers and healthcare clinics.
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