The Community Development Financial Institutions (CDFI) Fund has begun accepting applications for this year’s funding round of the Capital Magnet Fund (CMF).

The CMF provides grants to HFAs and CDFIs, among others to support the development, rehabilitation, and purchase of affordable housing. Grantees are required to spend at least 70 percent of the funds on affordable housing activities.

Last year, three HFAs (Colorado Housing and Finance Authority, MassHousing, and Wisconsin Housing and Economic Development Authority) received a total of $11.6 million through CMF awards.