Creating Affordable Homes for America

Creating Affordable Homes for America

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Description

Congress helped to address the need for affordable housing when it passed the Housing and Economic Recovery Act (HERA) on July 30, 2008, which authorized the creation of the Capital Magnet Fund (CMF) under the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund). The current conservatorship of Fannie Mae and Freddie Mac led to the suspension of this funding. In response, Congress provided the Capital Magnet Fund with $80 million in appropriations for FY 2010 in order to jump-start the program. Through the Capital Magnet Fund, the CDFI Fund provides competitively awarded grants to CDFIs and qualified nonprofit housing organizations. CMF awards finance affordable housing activities, as well as related economic development activities and community service facilities. This report provides information about how Capital Magnet Fund awardees utilized this initial funding to provide affordable housing and vital economic development and community service facilities across the nation. From housing for our nation's seniors to wellness centers for low-income citizens, the Capital Magnet Fund is an effective investment. Awardees have leveraged the initial federal investment by 12 times through other public and private investment, already generating more than $1 billion of investment in affordable housing and associated community and economic development. Capital Magnet Fund awardees can play a key role in ensuring access to credit for both homebuyers and for providers of affordable rental housing. Programs like the CDFI Fund's Capital Magnet Fund can help provide a sound financial investment in America's affordable housing stock in areas often left behind in a thriving economy.show more

Product details

  • Paperback | 126 pages
  • 216 x 279 x 7mm | 308g
  • Createspace
  • United States
  • English
  • black & white illustrations
  • 1514757834
  • 9781514757833