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Treasury Department awards $120 million to community ‘capital magnet’

The Trump administration is (again) seeking to ax funding for more than 1,000 community development financial institutions.

Meanwhile, the Treasury Department’s Capital Magnet Fund continues to support CDFIs and housing nonprofits that attract capital to distressed communities. The latest round of funding went to 40 housing and community development organizations.

The Local Initiatives Support Corporation, or LISC, which was awarded $7.5 million, aims to spur $150 million in community investment. LISC’s past $10 million in Capital Magnet Fund grants have led to $445 million in development funding.

The Reinvestment Fund got $4.5 million. The Philadelphia-based CDFI has launched a successful public bond offering and a pay-for-success fund. For each dollar of public funding deployed by The Capital Magnet Fund, more than $10 dollars of private money has been mobilized.

The full roster of Capital Magnet Fund recipients is available here.

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