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Federal Register / Vol. 86, No. 173 / Friday, September 10, 2021 / Notices
TABLE 1FY 2021 CAPITAL MAGNET FUND FUNDING ROUND CRITICAL DEADLINES FOR APPLICANTSContinued Description
Deadline
Last day to submit CMF Application and Required Attachments.

November 9, 2021.

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Executive Summary: The Capital Magnet Fund CMF is administered by the Community Development Financial Institutions Fund CDFI Fund. Through the CMF, the CDFI Fund provides financial assistance grants to Community Development Financial Institutions CDFIs and to qualified Nonprofit Organizations that have the development or management of affordable housing as one of their principal purposes. All awards provided through this Notice of Funds Availability NOFA are subject to funding availability.
I. Program Description A. Authorizing Statute and Regulation: The CMF was established through the Housing and Economic Recovery Act of 2008 HERA, which added section 1339 to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992. For a complete understanding of the program, the CDFI Fund encourages Applicants to review the CMF interim rule 12 CFR
part 1807 as amended February 8, 2016
the CMF Interim Rule; this NOFA; the CDFI Funds environmental quality regulation 12 CFR part 1815; the CMF
funding application referred to hereafter as the Application, meaning the application submitted in response to this NOFA; and the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 2 CFR part 1000, which is the Department of the Treasurys codification of the Office of Management and Budget OMB
government-wide framework for grants management at 2 CFR part 200 Uniform Administrative Requirements or UAR.
Each capitalized term used in this NOFA, but not defined herein, shall have the respective meanings assigned to them in the CMF Interim Rule, the Application, or the Uniform Administrative Requirements. Details regarding Application content requirements are found in the Application and related materials at www.cdfifund.gov/cmf.
B. History: The CDFI Fund was established by the Riegle Community Development Banking and Financial Institutions Act of 1994 to promote economic revitalization and community
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development through investment in and assistance to CDFIs. The CMF made its first awards in FY 2010, with subsequent funding rounds beginning in FY 2016 and occurring annually thereafter. To date, more than $740
million has been awarded under the CMF Program.
C. Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 2 CFR part 1000: The Uniform Administrative Requirements codify financial, administrative, procurement, and program management standards that Federal award-making agencies must follow. Per the Uniform Administrative Requirements, when evaluating award Applications, awarding agencies must evaluate each Applicants merits, eligibility, and any risks to the program posed by each Applicant. These requirements are designed to ensure that Applicants for Federal assistance receive a fair and consistent review prior to an award decision. This review will assess items such as the Applicants financial stability, quality of management systems, history of performance, and single audit findings. In addition, the Uniform Administrative Requirements include guidance on audit requirements and other award compliance requirements for award Recipients.
D. Priorities: The purpose of the CMF
is to attract private capital for and increase investment in the Development, Preservation, Rehabilitation, or Purchase of Affordable Housing for primarily Extremely Low-Income, Very LowIncome, and Low-Income Families, as well as Economic Development Activities, which, In Conjunction With Affordable Housing Activities, implement a Concerted Strategy to stabilize or revitalize a Low-Income Area or Underserved Rural Area. To pursue these objectives, the CDFI Fund has established the following priorities for the FY 2021 Funding Round: i Applications where at least 20% of all rental Affordable Housing units that will be financed and/or supported with FY 2021 CMF Awards are targeted to Very Low-Income Families and/or at least 20% of all Homeownership Affordable Housing units that will be
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financed and/or supported with FY
2021 CMF Awards are targeted to LowIncome Families; ii Applications where rental Affordable Housing units are located in either Areas of Economic Distress AED 1 or High Opportunity Areas HOA 2; and iii Applications where Homeownership Affordable Housing is either located in an AED
targeted to Eligible-Income Families;
120% AMI and below or is targeted to Low-Income Families 80% AMI or below; and iv Applications proposing to use the CMF Award to leverage private capital to finance and/or support Affordable Housing Activities and Economic Development Activities.
Additionally, the CDFI Fund seeks to fund Applications serving geographically diverse Areas of Economic Distress, including Metropolitan Areas and Underserved Rural Areas. In particular, the priority for geographic diversity includes funding highly qualified Applications that serve territories not included in the Service Areas of Recipients in the past two CMF rounds FY 2019 and FY
1 Areas of Economic Distress: Areas of Economic Distress are census tracts: a Where at least 20%
of households that are Very Low-Income 50% of AMI or below spend more than half of their income on housing; or b that are designated Qualified Opportunity Zones under 26 U.S.C 1400Z1; or c that are Low-Income Housing Tax Credit Qualified Census Tracts; or d where greater than 20% of households have incomes below the poverty rate and the rental vacancy rate is at least 10%; or e where greater than 20% of the households have incomes below the poverty rate and the homeownership vacancy rate is at least 10%; or f are Underserved Rural Areas as defined in the CMF
Interim Rule as amended February 8, 2016; 12 CFR
part 1807. The CDFI Fund will publish a dataset on its website indicating which census tracts are designated as Areas of Economic Distress for the FY
2021 Round.
2 High Opportunity Area: The CMF Program uses the definition of High Opportunity Area found in the Federal Housing Finance Agencys Duty to Serve Rule for this term: a An area designated by the Department of Housing and Urban Development HUD as a Difficult Development Area during any year covered by an Enterprises Underserved Markets Plan Plan or in the year prior to a Plans effective date, whose poverty rate falls below 10%
for Metropolitan areas or below 15% for NonMetropolitan areas; or b an area designated by a state or local Qualified Allocation Plan QAP as a high opportunity area whose poverty rate falls below 10% for Metropolitan areas or 15% for Non-Metropolitan areas. The CDFI Fund will publish a dataset on its website indicating which census tracts are designated as High Opportunity Areas for the FY 2021 Round.

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