US Treasury Awards USD 246.4 Million for Affordable Housing and Community Facilities
US: The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund has awarded USD 246.4 million to 48 organizations to support the development of affordable housing and community facilities. The funding, provided through the FY 2024 Capital Magnet Fund, is expected to result in the creation of 26,400 new housing units, including 750 homeownership units and 25,600 rental units. The awards will also finance the preservation, rehabilitation, or purchase of affordable housing and support economic development projects such as childcare centers, workforce training facilities, and health clinics. Recipients, representing all U.S. states, the District of Columbia, and territories including Guam and Puerto Rico, are required to leverage their awards by at least 10 times with private and public investments, aiming to mobilize $6.8 billion in additional capital.
Source: Housingwire