Two Community Development Nonprofits Receive $1.3M
August 19, 2016 — The Community Economic Development Assistance Corporation, a public-private community development finance institution that provides financial resources and technical expertise to promote community development in Massachusetts, yesterday announced that it is providing $1,323,100 to two Boston-based nonprofits.
The loan financing will support development of affordable housing in the Boston’s Roxbury neighborhood and improvements to a parent support program in the city’s Dorchester neighborhood.
The Community Economic Development Assistance Corporation (CEDAC) provided $1,200,000 in acquisition financing to Urban Edge in Boston, which helps build affordable housing and diverse communities in Boston and surrounding neighborhoods. The funding will support the purchase and development of a new affordable housing project on Columbus Avenue in Roxbury.
Located just south of Jackson Square, Urban Edge’s Columbus Avenue site will include 38 units of multifamily affordable rental housing and 1,000 square feet of commercial space.
CEDAC has been involved in the redevelopment of Jackson Square since 2006 and provided over $1.5 million in early stage financing for the master planning of the neighborhood and other affordable housing development projects. The new affordable housing project will serve low- and extremely low-income families in the community and continue the trend of growth in the area in- and around Jackson Square.
“We have been extremely proud to support the efforts by the Jackson Square Partners to revitalize the neighborhood in a way that helps current residents,” said CEDAC’s Executive Director Roger Herzog. “The current site is blighted and the neighborhood will greatly benefit from quality housing on that site. It is a pleasure to continue our effective relationship with Urban Edge, which goes beyond the Jackson Square redevelopment and into other nearby neighborhoods in Roxbury and Jamaica Plain.”
CEDAC also provided $123,100 to Family Nurturing Center of Massachusetts (FNC) in Dorchester, which provides support services to families promote skill-building and access to educational, social, and health resources. The funding, made through CEDAC’s affiliate Children’s Investment Fund, will support expansion of FNC’s Bowdoin Street site in Dorchester.
The commitment is in addition to $375,000 previously provided to FNC by the fund for this project. To allow for the expansion of programmatic and administrative space, FNC, which has provided comprehensive family support services to low-income families throughout Boston, is renovating and enlarging its existing Bowdoin Street center to include two additional floors.
“The fund is proud to continue to support mission-focused providers like the Family Nurturing Center of Massachusetts,” said Theresa Jordan, director of Children’s Facilities Finance for the fund. “Supporting children and their families builds strong communities and encourages positive environments for children to learn and grow both in the center and in their homes.”
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