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Capital Magnet Fund (CMF)

EVERNORTH LOAN FUND INC

Foundation Annual Grants for NonprofitsAffordable Housing GrantsHousing Grants for NonprofitsCommunity Development Grants
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Funding Amount

$950,000

Deadline

Rolling / Open

Grant Type

foundation

Overview

Capital Magnet Fund (CMF)

Funder: U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund

Award Amount: $950,000 (FY 2020 round)

Geographic Scope: New Hampshire and Maine (as awarded to Evernorth)

Focus Areas:

  • Development of affordable housing in low-income areas

  • Production and preservation of affordable rental apartments

  • Early stage predevelopment capital for affordable housing

  • Bridge financing for receipt of tax credit equity and other committed subsidies

  • Permanent financing for energy upgrades in existing affordable housing stock

  • Related economic development and community service facilities (day care centers, workforce development centers, health care clinics)

    • Eligibility:

  • Community Development Financial Institutions (CDFIs)

  • Qualified non-profit housing organizations

    • Background:

  • Evernorth received $950,000 through FY 2020 CMF round (awarded February 22, 2021)

  • Prior CMF award of $2M to Housing Vermont (now part of Evernorth) financed over 900 units over five years preceding 2021

  • FY 2020 round made 48 awards nationally from a pool of $175.35 million

  • 137 organizations requested more than $642.2 million

  • Awardees required to leverage awards with other private and public investment by at least 10 to 1

  • Expected outcome: production and preservation of 500+ affordable rental apartments over five years

    • Contact: Deborah Flannery, Vice President, Lending, Evernorth; DFlannery@evernorthus.org or 651-696-5341

    Focus Areas & Funding Uses

    Fields of Work

    nonprofitsaffordable-housinghousingcommunity-development

    Categories

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    Grants for NonprofitsAffordable Housing GrantsHousing Grants for NonprofitsCommunity Development Grants

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