Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Community Development Financial Institutions (CDFI) Fund

Administering Agency/Entity Department of the Treasury
Short Description Established to promote economic revitalization in low-income communities. The purpose of the CDFI Program is to use federal resources to invest in CDFIs and to build their capacity to serve low-income people and communities that lack access to affordable financial products and services. Through the CDFI Program, the CDFI Fund provides two types of monetary awards to CDFIs - Financial Assistance awards and Technical Assistance awards. CDFIs may use the funds to pursue a variety of goals, including the development of affordable housing and to promote homeownership. In addition, the CDFI Fund provides competitively awarded grants to CDFIs and qualified nonprofit housing organizations through the Capital Magnet Fund (CMF). CMF awards can be used to finance affordable housing activities as well as related economic development activities and community service facilities.
Primary Purpose Supports housing and other activities
Type of Housing Supported Both
Type of Assistance Financial Assistance Award; Technical Assistance Award; Grant
Fiscal Year 2010 Obligations The CDFI Fund provides funding for multiple initiatives that may support housing. In FY 2010 $108 million was obligated to providing awards to CDFIs for financial and technical assistance to further affordable housing, among other goals. Additionally, in FY 2010 $80 million was obligated for the Capital Magnet Fund to increase capital investment for affordable housing.

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