We are pleased to announce that Beacon has helped its parent company HumanGood in securing 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.
Beacon and HumanGood will use the 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.
Beacon and HumanGood have created a pipeline of ten projects that will preserve and create more than 700 affordable age-restricted rental units in California, Washington and Pennsylvania
More information on the awards can be found on the CDFI fund website at https://www.cdfifund.gov/node/1003286
Rendering by Kramer Marks Architects
HumanGood East in partnership with Inglis Housing Corporation has secured financing for a 44 unit affordable housing community in suburban Philadelphia. The site for the proposed Makemie Court community is adjacent to an existing HG community, Grace Court located in Yeadon, Delaware County. Makemie Court will consist of 44 units, including 32 units for individuals 55 years of age or older, 8 units for physically disabled individuals of any age, and 4 units reserved for physically disabled individuals 55 years of age or older.
Makemie Court will be co-developed by HumanGood East and Inglis Housing Corporation (Inglis). Inglis is a nonprofit organization whose founding dates back to 1877. Inglis’ mission is to enable people with physical disabilities — and those who care for them — to achieve their goals and live life to the fullest. Today, Inglis is the largest private provider of affordable accessible housing in the Greater Philadelphia region with more than 300 accessible, affordable apartment homes for people with disabilities.
All units at Makemie Court will be one-bedroom. The new four-story, mid-rise building will include an outdoor amenity space; including a gazebo, meditation garden and a parking area with 22 spots. A walking path will loop around the site and connect to the adjacent Grace Court. This walking path will create the community feeling of a campus and encourage interaction between the residents of the two properties. The first floor of Makemie Court will feature a lobby, community room with bathrooms and a demonstration kitchen, supportive services delivery space, a laundry room, mailroom, commissary, and a manager’s office. The total building square footage is estimated to be 41,552 GSF. Current plans are to have all units setup with Smart Home Technology. Units will sync with the Amazon Echo family of products to give tenants with physical disabilities the ability to be more independent.
The project is fully funded and expects to close its financing by June 2021. The sources of funding include the competitive low income housing tax credits from Pennsylvania Housing Finance Agency, HOME funds from Delaware County, Affordable Housing Program funds from the Federal Home Loan Bank of Pittsburgh and operating subsidy from the Chester Housing Authority. The equity partner is Raymond James and the debt provider is TD Bank. In addition both sponsors have committed funds to the project. Construction is expected to begin this summer.