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