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FY Capital Magnet Fund  Form

FY Capital Magnet Fund Form

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Michael Novogradac, CPA: Hello I'm Michael Novogradac and this is Tax Credit Tuesday. This is the February 7th, 2023, podcast. The fiscal year 2023 round of the Capital Magnet Fund is now open and the deadline to apply is March 21st. We have a great episode today where we're going to discuss why affordable housing nonprofits and for-profits should seriously consider applying for an award if they're eligible to. More importantly we're going to discuss ways to improve the competitiveness of your application. Now let me start up by giving an overview of the Capital Magnet Fund. The source of funding for the Capital Magnet Fund comes from Fannie Mae and Freddie Mac. More specifically the amount available for awards is a percentage of the new business generated by Fannie Mae and Freddie Mac in a given year. Now Capital Magnet Fund awards must be used to further the development, renovation and/or preservation of affordable housing. And there is nearly $321 mil

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