The U.S. Department of the Treasury has allocated $321 million to more than four dozen organizations to support affordable housing initiatives through the Community Development Financial Institutions (CDFI) Fund's Capital Magnet Fund. This funding will aid in the construction of affordable housing for low-income individuals and families as well as the development of community facilities such as daycare centers and health-care clinics, Newsweek reports.
The CDFI Fund anticipates this government funding will leverage over $11 billion in additional resources from the private and public sectors for affordable housing projects.
"[The] awards will provide Community Development Financial Institutions and nonprofit housing organizations with the critical resources they need to expand the availability of affordable housing for thousands of families and individuals in need across the country," Marcia Sigal, acting CDFI Fund director, said in a statement.
Advertisement
Related Stories
Affordability
How Much Must American Renters Earn to Afford Average Rental Prices?
US rents have increased 3.6% year-over-year, pushing the amount renters must earn to afford average rents to around $80K
Affordability
American Families Are Spending a Quarter of Their Income on Mortgage Payments
The average monthly mortgage payment is up more than 9% year-over-year
Economics
Gen Z Feels Weight of US Debt Burden While Trying to Enter Housing Market
Current US debt has surpassed levels reached in the aftermath of World War II, with Gen Z bearing the brunt