August 3, 2022 -- HumanGood and Beacon Development Group are proud to be selected from a pool of 146 applications as the recipient of a 2021 Capital Magnet Fund (CMF) Award, securing the highest award amount of $12 million. Together with HumanGood’s receipt of a $5 million 2020 CMF award, this brings a total of $17 million in funding for affordable housing development efforts.
The CMF Awards are offered by the US Department of the Treasury’s Community Development and Financial Institutions Fund to support affordable housing and related community service facilities. These include learning centers, day cares, and community centers – projects HumanGood and Beacon Development Group already have a long history of building.
“The Capital Magnet Fund comes at a critical time for HumanGood and our community partners,” said Brian Lloyd, vice president, Beacon Development. “Costs are increasing dramatically, and funding can’t keep up. With the CMF award, HumanGood and Beacon development can fill gaps and keep critical housing and service programs on track to serve needs in our communities.”
HumanGood and Beacon Development Group anticipate disbursing and completing projects with the $17 million in CMF award funding by September of 2027.