Magnet Fund for Affordable Housing
Piedmont Housing is our locality’s CDFI, which stands for “Community Development Financial Institution.” CDFI’s are a creation of the US Congress, which decided that traditional lending institutions were not meeting the need in some markets.
One of those markets is affordable housing, and Piedmont Housing has been able to bring more than $3 million in tax dollars back to our community through the CDFI. We have used most of these dollars for down payment assistance to help families become home owners.
Like all federal programs, CDFI has its supporters and detractors, and a recent move to create a “Magnet Fund” is no exception. Read more in a recent edition of NextCity.