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GRANT SERVICES

 

BANK ENTERPRISE AWARD PROGRAM

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CDFI PROGRAM FUNDING (FA / TA)

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NEW MARKETS TAX CREDITS

CAPITAL MAGNET FUND PROGRAM

Through the Capital Magnet Fund, the CDFI Fund provides competitively awarded grants to CDFIs and qualified non-profit housing organizations. These awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities. Awardees are able to utilize funds to create financing tools such as loan loss reserves, revolving loan funds, risk-sharing loans, and loan guarantees. Organizations that receive Capital Magnet Fund awards are required to produce housing and community development investments at least ten times the size of the award amount, generating a multiplier effect that means that more low-income people and low-income communities nationwide will have housing options within their financial reach. For more information about the CMF Program, click here.

The NMTC Program incentivizes community development and economic growth through the use of tax credits that attract private investment to distressed communities. The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in CDEs. CDEs can then make loans and investments to businesses operating in low-income communities on better rates and terms and more flexible features than the market and the investors can claim a tax credit worth 39 percent of their original CDE equity stake over a seven year period.

CDFI Program Funding builds the capacities of CDFIs by rewarding high-performing applicants with capital awards that help meet their strategic goals for organizational growth, expanding into a new geographic region, releasing a new financial product, or providing new financial services. Awards can be applied to Lending Capital, Capital Reserves, Loan Loss Reserves, Development Services, or Financial Services.To learn more about CDFI Program funding, click below.

The BEA Program rewards FDIC-insured depository institutions for increasing their investments and support of CDFIs and advancing their community development financing and service activities in the most economically distressed communities. These awards are intended to help banks and thrifts offset some of their risk and meet capital ratio requirements. For more information about the BEA Program, click below.

 

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