NAAHL, 85+ Organizations Call on Administration to Release $500M+ for Affordable Housing

Today, NAAHL and a broad coalition of more than 85 housing organizations sent a letter to the Administration urging the release of more than $500 million in Capital Magnet Fund (CMF) resources currently sitting in a dedicated Treasury account. CMF is funded by Fannie Mae and Freddie Mac; the resources are transferred to Treasury, which is then expected to award CMF grants. If released, these resources would support the production and preservation of affordable housing supply in communities nationwide. 

The CMF program has a proven track record: the FY2024 round leveraged nearly $8.85 billion in total investment from $246 million in grants. CMF gap financing is more critical than ever to help make affordable housing deals pencil out, including those made possible through the One Big Beautiful Bill Act’s expansion of the Low Income Housing Tax Credit. Releasing these funds now would directly amplify that investment across communities nationwide.

Releasing CMF grants is a common sense administrative action to boost housing supply. It requires no new Congressional action. It requires no additional costs to the federal government or taxpayers. 

Thank you to the organizations that signed on to this effort.