POAH is honored to announce that it has received a FY16 Capital Magnet Fund award from the U.S. Department of Treasury Community Development Financial Institutions Fund (CDFI Fund). The Capital Magnet Fund helps low-income families and economically distressed communities by attracting investment for affordable housing and related economic development. The Capital Magnet Fund provides competitively awarded grants to CDFIs and qualified non-profit housing organizations to develop, rehabilitate, preserve, and purchase affordable housing for Low-, Very Low-, and Extremely Low-Income families. Capital Magnet Fund awards can be used to finance affordable housing activities as well as related economic development and community service facilities such as day care centers, workforce development centers and health care clinics.
POAH will use its 2016 CMF award to capitalize a revolving bridge loan fund to support preservation transactions in areas of high housing need – financing quick-strike acquisition of at-risk affordable housing assets in advance of full recapitalization transactions.