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Capital Magnet Fund

CMF
Number: 21.011
Agency: Department of the Treasury
Office: Community Development Financial Institutions Fund

Program Information 

Program Number/Title (010):
21.011 Capital Magnet Fund
Federal Agency (030):
Community Development Financial Institutions Fund, Department of the Treasury
Authorization (040):
The Housing and Economic Recovery Act of 2008, Section 1339.
Objectives (050):
To attract financing for and increase investment in affordable housing for low-income, very low-income, and extremely low-income people and certain related economic and community development activities.
Types of Assistance (060):
Project Grants
Uses and Use Restrictions (070):
The CDFI Fund awards Capital Magnet Fund grants to certified Community Development Financial Institutions (CDFIs) and certain nonprofit organizations to finance: (1) the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and (2) economic development activities or community service facilities, such as day care centers, workforce development centers, and health care clinics, which in conjunction with affordable housing activities implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area. Each awardee enters into an assistance agreement that specifies the terms and conditions related to expenditures (including eligible uses) of the grant funds, requires compliance with performance goals, and requires reporting on performance outcomes.
Eligibility Requirements (080)
Applicant Eligibility (081):
Applicants must be (1) a Treasury certified CDFI; or (2) a nonprofit organization having as one of its principal purposes the development or management of affordable housing.
Beneficiary Eligibility (082):
Low income, very low-income, and extremely low-income people as set forth in 12 C.F.R. 1807.
Credentials/Documentation (083):
An applicant must provide information necessary to establish that it is an eligible organization in order to apply for assistance. This information is included as part of the application materials. This program is excluded from coverage under OMB Circular No. A-87.
Application and Award Process (090)
Preapplication Coordination (091):
Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.
Application Procedures (092):
This program is excluded from coverage under OMB Circular No. A-102. OMB Circular No. A-110 applies to this program. Each applicant must complete an application package. The CDFI Fund provides the application package format.

Award Procedure (093):
The CDFI Fund reviews applications and makes awards based on an established awards review process, set forth in the Notice of Funds Availability (NOFA) and application materials.
Deadlines (094):
Contact the headquarters or regional office, as appropriate, for application deadlines.
Range of Approval/Disapproval Time (095):
Award approval/disapproval determinations are generally made within 180 days after the application deadline. The application deadline is 30 days subsequent to the NOFA publication date.
Appeals (096):
None.
Renewals (097):
None.
Assistance Consideration (100)
Formula and Matching Requirements (101):
Statutory formulas are not applicable to this program.
This program has no matching requirements. Certain leverage requirements apply.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance (102):
Awardees must commit all funds within two years; begin initial expenditure of funds within three years; and place the projects into service within five years of the award. Method of awarding/releasing assistance: lump sum.
Post Assistance Requirements (110)
Reports (111):
Program Reports provide the explanation of noncompliance with a statement addressing the failure to achieve program goals. No cash reports are required. Progress Reports cover the following areas:
Institutional Performance Reporting; Transactional Performance Reporting; and the utilization of the award funds for Financial and/or Technical assistance. Expenditure Reports are included in the SF-425 Expenditure of Financial Assistance Report. Performance Monitoring is accomplished with the financial review of Audited Financial Statements; and the OMB Circular A-133 Single Audit findings.
Audits (112):
In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133.
Records (113):
Award recipients must maintain records to substantiate total costs incurred and to assure that all performance measures are met. Records must be retained in accordance with the provisions of applicable OMB guidance and the terms of the assistance agreement.
Financial Information (120)
Obligations (122):
(Project Grants) FY 13 $0; FY 14 est $0; and FY 15 Estimate Not Available - No funds were appropriated for the program in FY 2011, FY 2012, or FY 2013.
Range and Average of Financial Assistance (123):
The maximum allowable award is 15% of the annual available funding.
Program Accomplishments (130):
Fiscal Year 2013: No Current Data Available. Fiscal Year 2014: No Current Data Available. Fiscal Year 2015: No Current Data Available
Regulations, Guidelines, and Literature (140):
Proposed Rule (12 CFR 1807); NOFA; CMF Application. Website: www.cdfifund.gov.
Information Contacts (150)
Regional or Local Office (151) :
None. None.
Headquarters Office (152):
Jodie Harris 1801 L Street, N.W., 6th Floor, Washington, District of Columbia 20036 Email: harrisj@cdfi.treas.gov Phone: 202-653-0406 Fax: 202-508-0025
Website Address (153):
http://www.cdfifund.gov
Examples of Funded Projects (170):
Not Applicable.
Criteria for Selecting Proposals (180):
Applicants are evaluated based upon criteria set forth in the interim rule, the NOFA and application materials.