About the Home Funders Program
CEDAC has been selected by the Home Funders, a consortium of Boston-area foundations, to administer a new pilot program to stimulate the production of new housing for extremely low-income families. The Home Funders plan to raise $25 million, which they will lend from their endowments. These funds will be available to non-profit developers at interest rates as low as 2%, allowing new rental housing to be available at lower costs. CEDAC's selection is testament to the agency's reputation for effectiveness as a community development intermediary. CEDAC has committed over $26.7 million in Home Funders capital to 40 projects which will create 1,830 units of housing.
About Home Funders
The Home Funders program was created to address the housing needs of extremely low income families by local foundations concerned about the lack of affordable housing for that tier of the population. Some of the leading philanthropic organizations in the state have spearheaded the effort to create Home Funders, including the Hyams Foundation, the Boston Foundation, the Paul and Phyllis Fireman Foundation, the Highland Street Connection; Mellon New England; State Street Bank Foundation; Annie E. Casey
Foundation; and Fidelity Foundation. The City of Boston through Mayor Thomas Menino has also contributed to the effort with matching funds and a commitment of rental subsidies.