Catholic Homes of New York and its affiliate, the New York Institute for Human Development, are honored to announce our selection as one of only 48 organizations nationwide to receive a distinguished FY 2024 Capital Magnet Fund (CMF) award from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). This award, part of a $246.4 million federal initiative, supports affordable housing and essential community facilities for low-income individuals and families nationwide.
The CMF requires recipients to leverage their awards with other investments at a minimum ratio of ten to one, unlocking at least $2.46 billion in new investments for eligible projects nationwide. For FY 2024, awardees are projected to collectively drive over $6.8 billion in private investment to address the affordable housing shortage.
“This award provides essential working capital for predevelopment as we transform properties into affordable housing for families, individuals, seniors, and the formerly homeless in both economically distressed areas and rapidly gentrifying New York neighborhoods, where preserving affordability is vital to community stability,” said Russell Lang, CEO and President of Catholic Homes of New York. “By covering key predevelopment costs, the CMF award helps us strategically allocate resources to other impactful projects, enhancing our ability to create affordable housing at a critical time.”
While this award is a major milestone, the need for collaborative investment remains essential to meet the broader challenges of affordable housing development. We welcome community members and stakeholders to join us in advancing this mission and making a transformative impact together.
https://www.cdfifund.gov/programs-training/programs/cmf/award-announcement
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