Habitat for Humanity receives $4 million Capital Magnet Fund from the U.S. Department of Treasury to support affordable housing development, rehabilitation efforts
WASHINGTON (October 29, 2010) – Habitat for Humanity International received a $4 million Capital Magnet Fund award from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund to serve more families in need of affordable housing. Habitat will use the award to expand an existing program that gives loans to Habitat affiliates to rehabilitate and build affordable housing in the United States. Habitat for Humanity International will raise an additional $50 million in private capital for the program over the next two years.
“I am pleased Habitat for Humanity is one of the 23 applicants selected to receive a Capital Magnet Fund award,” said Jonathan Reckford, chief executive officer, Habitat for Humanity International. “These funds will help Habitat serve even more families in need of decent and affordable housing.”
The Capital Magnet Fund was established to increase private investment in the development, preservation, rehabilitation and purchase of affordable housing for low-income families. Through the Capital Magnet Fund, the CDFI Fund provides competitively awarded grants to CDFIs and qualified nonprofit housing organizations. Capital Magnet Fund awards can be used to finance affordable housing activities as well as related economic development activities and community service facilities.
About Habitat for Humanity International
Habitat for Humanity International is an ecumenical Christian ministry that welcomes to its work all people dedicated to the cause of eliminating poverty housing. Since its founding in 1976, Habitat has built, rehabilitated, repaired or improved more than 350,000 houses worldwide, providing simple, decent and affordable shelter for more than 1.75 million people. For more information, or to donate or volunteer, visit habitat.org.