Abode Communities Awarded $1.6 Million from U.S. Department of Treasury Capital Magnet Fund
Abode Communities is thrilled to announce it has been selected to receive $1.6 million from the U.S. Department of Treasury’s Capital Magnet Fund (CMF). Bestowed to qualified Community Development Financial Institutions (CDFI’s) and non-profit organizations, CMF is one of many CDFI programs created to ignite private investment in affordable housing to revitalize low-income neighborhoods and serve low-income families throughout the country.
“Abode Communities is honored to once again be selected to receive such a substantial investment,” said president & CEO Robin Hughes. “This award will enable Abode Communities to continue to provide much-needed acquisition and predevelopment funding on pipeline projects, and leverage those dollars for the benefit of underserved communities throughout Southern California.”
Abode Communities is one of 40 organizations selected to receive CMF’s $120 million in funding, including 25 CDFI’s and 15 nonprofit housing organizations across the nation.