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The Capital Magnet Fund administered by the Community Development Financial Institutions Fund has funding available for CDFI-certified credit unions and other institutions that support affordable housing activities. Applications for funding are due March 30.

CMF awards will be given based on applicants' experience and ability to use the award to support affordable housing and economic development activities. Eligible applicants must be certified CDFIs or nonprofit organizations. Credit unions' safety and soundness information will be considered before awards are given.

The CMF was established through the Housing and Economic Recovery Act of 2008. Under the act, the government-sponsored enterprises (Fannie Mae and Freddie Mac), are required to set aside annual allocations, of which 35 percent go to the CMF.

The CDFI estimates, based on quarterly report filings from the GSEs, that it will be able to award $80 million to qualifying institutions and organizations for fiscal 2016.

Application materials can be found on the CDFI Fund's website.