Why You Need The Capital Magnet Fund (CMF)

As you know, access to affordable housing across many markets in the United States is at an all-time high. This makes it incredibly challenging to rent or own a place your residents can call home or begin wealth creation. For example, California and other city prices are increasing at alarming rates per year. In some cases, a minimum of 10 percent or more within a year. For instance, the Bay area, Sacramento, or Southern California have been particularly hit hard. Other places include Washington D.C. and Washington State. These are just a few markets among the many in the US.

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So what are the options? Well, this is a powerful program that could tip the scales in your favor to provide affordable housing. The CMF is a very versatile program in that you can use it for multi-family development, single family home, and economic development. What’s more, you can use the program to help control your area rents for at least 10 years. You can also provide down payment and closing costs assistants for your buyers seeking to purchase their first home. These projects can include community service facilities such as workforce development centers and health care clinics.

Creatively, your CDFI or non-profit can blend this program with other large pools of financing to bring down your overall costs so your project will pencil out and you are in essence able to keep prices and rent affordable in the community. The program is designed to target the low to extremely low income families.

Soon, in the early summer of 2018 CMF round will open. Don’t miss out on this powerful, yet creative program to fund your affordable housing projects.  It is an aggressive and flexible program to assist your CDFI or non-CDFI organization meet its community and economic development needs, while spurring other private capital to invest in your community.

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At Sparks Consulting Services (SCS) we have a winning track record with this program. We would love to assist you in putting together an application worthy of CDFI approval.

SCS provides the following services:

  • 2024 Capital Magnet Fund Application Preparation and Review Services

  • Access to and grant writing services for CDFI’s other technical assistance and capital development funding programs

Jaimie Gurleycapital magnent Fund, CMF, Affordable Housing, Community development, low income, low income family, rent control