<p>Mechanical alloying of (Fe<sub>70</sub>Ni<sub>30</sub>)<sub>89</sub>Zr<sub>7</sub>B<sub>4</sub> powders leads to the formation of a γ-FeNi phase. In order to obtain single γ-phase, a powdered sample was solution annealed in the γ-phase field and water quenched. The Curie temperature of this powder was slightly higher than room temperature. The refrigerant capacity calculated for this alloy, RC<sub>FWHM</sub> ~ 330 J·kg<sup>-1</sup> for 5 T, is comparable to other prominent room temperature magnetocaloric materials, making this alloy a good candidate for magnetic refrigeration near room temperature with additional benefits that is non-rare earth containing and less expensive than many alternatives.</p>