Fannie Mae and Freddie Mac to Fork Over Cash That Keeps on Giving

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The national urban affairs magazine Next City highlighted the Federal Housing Finance Agency’s (FHFA) recent decision to reinstate funding for the Capital Magnet 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. In a recent statement applauded by LIIF and other leading CDFIs, the FHFA announced that it would lift its suspension of mandatory funding to the Capital Magnet Fund, providing CDFIs and nonprofit housing organizations with much needed support to finance affordable housing and related economic development activities.

To date, the Capital Magnet Fund 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 Next City
Source: Next City