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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.
