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Capital Magnet Fund Awards $7,500,000 to National Church Residences

3/21/2019 | Recent News

National Church Residences recently received a competitively awarded grant from the Capital Magnet Fund in the amount of $7.5 million to apply toward the renovation of existing senior affordable housing projects.

Out of 116 organizations that applied, 38 were awarded $142.9 million from the Capital Magnet Fund following a merit-based competitive review of applications. Per the Housing and Economic Recovery Act of 2008, funding for the Capital Magnet Fund comes from the Government-Sponsored Enterprises, Fannie Mae and Freddie Mac and varies from year to year.

“I'm thrilled that National Church Residences received the largest grant,” said Matt Rule, senior vice president of housing development at National Church Residences. ”We look forward to leveraging this award to renovate more than 1,000 senior units in Ohio, Georgia, Texas and Florida.”

The Capital Magnet Fund helps low-income persons and economically distressed communities by attracting investments for affordable housing and related economic development. Awardees plan to develop and/or renovate more than 25,700 affordable housing units, including 23,000 rental units and 2,700 homeownership units in 39 states, Puerto Rico and the District of Columbia.

"Securing affordable housing continues to be a necessity for many Americans across the country,” said CDFI Fund director Jodie Harris. “These awards will lead to increased availability of affordable housing in both rural and urban communities.”

National Church Residences continues to be the nation’s largest not-for-profit provider of affordable senior housing. This award will be instrumental in allowing us to continue our mission and serve seniors and meet affordable housing needs.

About National Church Residences

National Church Residences serves more than 42,000 seniors through its array of housing and health care services. The not-for-profit organization is driven by a vision of advancing better living for all seniors, enabling them to remain home for life. With 340 communities in 25 states and Puerto Rico, it is the nation’s largest not-for-profit provider of affordable senior housing and the largest manager of service coordinators. The organization also offers residential senior communities, home and community-based services, as well as permanent supportive housing for the formerly homeless and disabled. For more information, visit us at NationalChurchResidences.org and follow us on Facebook, Twitter and YouTube.