CDFI Fund presents 4 CDBA Members with CMF awards
The CDFI Fund recently awarded 23 CDFIs Capital Magnet Fund awards for FY 2019. Among the awardees were Beneficial State Bank, Legacy Bank and Trust, United Bank, and Virginia Community Capital. The Capital Magnet Fund helps to create and preserve affordable housing for low-income families and economically distressed communities by attracting private capital. The Capital Magnet Fund awards competitive grants to CDFIs and qualified non-profit housing organizations. These organizations use the grants to develop, rehabilitate, reserve, and purchase affordable housing, particularly housing targeted to Low-, Very Low-, and Extremely Low-Income families.