CDFI Fund Awards $91.5 Million in Capital Magnet Funds
The Low Income Investment Fund (LIIF) is proud to announce it has received a $3.7 million award from the Community Development Financial Institutions (CDFI) Fund’s Capital Magnet Fund (CMF) Program. In 2010, LIIF was the largest CMF awardee and leveraged its $6 million award into $130 million in investments, a ratio of 20 to 1. These investments created 205 jobs and 1,500 housing units in California, Colorado, Arizona and Texas.
LIIF President and CEO Nancy O. Andrews said, “The Capital Magnet Fund has become an integral part of the community development field and has afforded us new opportunities to invest in historically underserved neighborhoods across the nation. LIIF is proud to receive two consecutive awards from the U.S. Department of the Treasury. We are grateful for the continued support of the Federal Housing Finance Agency and its Director Melvin Watt, who has advanced the original vision of the Capital Magnet Fund to ensure its future impact on America’s families.”
The U.S. Department of the Treasury’s CDFI Fund awarded $91.47 million to 32 organizations across the nation in this round of CFM awards. The program is now receiving long-term, stable funding from Fannie Mae and Freddie Mac, as initially intended when the program was formed.