HumanGood awarded $5.25 million for affordable housing from Department of the Treasury

March 1, 2021 -- We are pleased to announce that HumanGood has received an award from the Capital Magnet Fund of $5.25 million to finance the development of affordable housing in California, Washington and Pennsylvania. The Capital Magnet Fund (CMF) program supports financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities. This is the first CMF grant award ever received by HumanGood, and one of the largest grant awards allocated in this recent round of funding.

“Winning the CMF award is extremely exciting for our team, especially considering the highly competitive process,” said Brian Lloyd, vice president, Beacon Development.  “It demonstrates the increasing impact that HumanGood is having as we enhance our programming and expand our footprint. This award will provide flexible funds that we can invest in HumanGood projects to further improve our housing and services to low-income seniors.”

HumanGood will use its grant award to address the challenges facing extremely low-income and very low-income senior households. Nationwide, there is a significant shortage of age-restricted affordable housing. According to the Harvard Joint Center for Housing Studies, the number of households aged 65 and older will grow from 48 to 79 million over the next two decades. In addition, the number of households aged 75 to 79 will increase 49% to 8.9 million by 2028 and increase another 20% to 10.7 million by 2038, a trend that also continues with households ages 80 and older. This increase in aging communities has produced an increased demand for age-restricted affordable housing. It is projected that by 2038, demand for affordable housing for low-income seniors will significantly outstrip the supply of these units.

HumanGood has created a pipeline of ten projects that will preserve and create more than 700 affordable age-restricted rental units in California, Washington and Pennsylvania. In California, proceeds from the award will be focused on preservation of affordable housing, while the focus will be on new construction in Seattle, WA and Philadelphia, PA.

More information on the awards can be found on the CDFI fund website at https://www.cdfifund.gov/node/1003286.

Congratulations to Brian Lloyd and the Beacon Development team for their hard work in securing this award!