Capital Magnet Fund Awards Enterprise Community Loan Fund $7.5 Million
Yesterday, Enterprise Community Loan Fund (ECLF) was awarded a $7.5 million Capital Magnet Fund (CMF) grant from the U.S. Treasury Department’s CDFI Fund – the third consecutive year ECLF has received a CMF award. ECLF is one of only three organizations receiving $7.5 million, the largest amount awarded this year!
CMF grants support the preservation, rehabilitation, development or purchase of affordable housing for low-income communities, as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics.
In the past two years, awards from the Capital Magnet Fund has enabled ECLF to lend $27 million to affordable housing developers. To date these funds have leveraged over $241 million in total development costs and created and preserved more than 1,000 homes in low-income communities. One illustration of this great work is the Capitol View Apartments, a supportive housing program in Atlanta that provides a continuum of services for vulnerable families.
This year's CMF grants, which totaled $142.9 million, were awarded to 24 Community Development Financial Institutions (CDFIs) and 14 nonprofit housing organizations. One hundred and sixteen organizations applied for funding, requesting nearly $570 million in capital.