IFF receives $5 million award from Capital Magnet Fund

On Feb. 12th, the Community Development Financial Institutions Fund (CDFI Fund) run by the U.S. Treasury awarded $142.9 million in capital grants to 38 organizations — one of which was IFF. These awards are part of the CDFI Fund’s Capital Magnet Fund, which offers competitive grants to finance affordable housing solutions and community revitalization efforts that benefit low-income people and communities nationwide. Fewer than one-third of applicants received a grant in this round.

“Securing affordable housing continues to be a necessity for many Americans across the country,” said CDFI Fund Director Jodie Harris. “These awards will lead to increased availability of affordable housing in both rural and urban communities. More than 25,000 affordable housing units are projected to be developed as a result of these awards.”

IFF’s $5 million award will be used to support our affordable housing loan program, and will strengthen our organization’s net assets.

Awardees are able to utilize funds to create financing tools such as loan loss reserves, revolving loan funds, risk-sharing loans, and loan guarantees. Each award recipient must use at least 70% of its award to finance affordable housing, and may use up to 30% to finance related economic development activities and community-service facilities.

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