CHN Housing Partners (CHN) was thrilled to receive a Capital Magnet Fund Award from the CDFI Fund, through the United States Department of Treasury in October. CHN was one of 48 organizations who received this award, and one of just 23 nonprofit housing organizations chosen through a competitive review process of 136 applicants. These awards support financing for affordable housing as well as economic development facilities like daycare centers and health care clinics.
“It is a great honor to receive this award,” said Kevin Nowak. “It is truly a gamechanger for a number of our developments and impact hundreds of lives by bringing new affordable units to our community.”
CHN’s award totaling $3.375 million will be used towards funding approximately five affordable housing initiatives, totaling upwards of 264 units of new housing. These developments are new construction of rental units in Cleveland and Lorain, Ohio, as well as in Detroit, Michigan. They will serve households earning 80% or less of the area median income and provide housing to underserved communities, including seniors, veterans and chronically homeless individuals.
Capital Magnet Funds play a critical role by bridging the gap in financing for affordable housing and economic development initiatives. Without the support of the CDFI Fund and the U.S. Department of Treasury, the affordable housing developments in CHN’s pipeline would not be feasible in their proposed state. CHN is incredibly grateful to the U.S. Department of Treasury and the CDFI fund for their grant award.
More information about the Capital Magnet Fund, as well as the full list of awardees, can be found here.
About the author
CHN Housing Partners
