$3.75 Million Awarded to LIIF in Capital Magnet Funds
LIIF is excited to announce our recent award of $3.75 million through the US Department of the Treasury’s Capital Magnet Fund (CMF).
This enormously successful program has created deep impact and proven to be a smart investment, leveraging federal funds twenty times over. In fact, the 23 awardees in 2010 alone have produced 10,800 affordable homes for families, seniors, veterans, the homeless, and the disabled and created or retained 15,000 jobs in communities across America.
The CMF was created by Congress through the bi-partisan Housing and Economic Recovery Act (HERA) of 2008, an early federal response to the nation’s growing housing and financial crisis. The intent of Congress was to generate new investment in affordable housing and other economic development projects in low-income communities across our nation, and the CMF has clearly succeeded in achieving that goal.
LIIF eagerly anticipates using these funds to attract private capital and create opportunity in communities in need of investment.
Learn more about the Capital Magnet Fund