Agency Plans To Help Poor Families Get Mortgages

WASHINGTON (CN) - The Treasury Department has proposed a rule for the implementation of a fund that helps low-income people afford homes, and requests public comment.

The Capital Magnet Fund, administered by the Treasury's Community Development Financial Institutions Fund, is to be used for development, preservation, rehabilitation, and purchase of affordable housing for extremely low-, very low-, and low-income families; and economic development activities or community service facilities (such as day care centers, workforce development centers, and health care clinics). The uses are meant to stabilize or revitalize a low-income area or underserved rural area.

Click the document link for this regulation and others.

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