Community groups applaud Fannie, Freddie funding Capital Magnet Fund
In an article from HousingWire, LIIF is highlighted alongside its Community Development Financial Institution (CDFI) partners in commending the Federal Housing Finance Agency (FHFA) for reinstating funding for the Capital Magnet Fund. Ending the temporary suspension of funding for the program, the announcement from FHFA comes after coordinated advocacy efforts by LIIF, Capital Impact Partners, IFF and The Reinvestment Fund.
Launched in 2010, the Capital Magnet Fund program provides flexible, affordable financing to support the preservation, rehabilitation and construction of affordable housing in low income communities. To date, the program has received $80 million to leverage more than $1 billion in affordable housing and community development investments, creating over 7,000 affordable homes.Read the full article at HousingWire