This quarter, CEDAC approved early-stage financing for twelve affordable housing developments in Massachusetts during its April, May, and June Board meetings. These investments will help nonprofit developers cover critical predevelopment costs, including site acquisition, design, engineering, environmental studies, and permitting, allowing projects to move closer to construction.
“Affordable housing developments depend on flexible early-stage financing to move from concept to construction,” said CEDAC Executive Director Ethan Handelman. “These investments help our nonprofit partners navigate increasingly complex development challenges while advancing projects that will create and preserve affordable homes for Massachusetts residents.”
The projects approved this quarter reflect the diverse housing needs of communities throughout the Commonwealth. Together, they will support new affordable homes for families, seniors, young adults, and individuals experiencing homelessness while preserving existing affordable housing and revitalizing neighborhoods.
Highlights include:
- Advancing the redevelopment of the former Northampton State Hospital campus through the two-phase 33 King Street project.
- Supporting new affordable housing in downtown Greenfield, Cambridge, Boston’s Chinatown, and Salem.
- Preserving existing affordable homes in Boston and Arlington.
- Expanding supportive housing for young adults experiencing homelessness and individuals in need of stable housing and supportive services.
- Creating new affordable senior housing through the redevelopment of the former Haverhill Elks Lodge.
These investments represent a significant first step in bringing affordable housing developments to fruition. Many of these projects will later receive permanent financing from the Massachusetts Executive Office of Housing and Livable Communities, along with other public and private funding partners.
At CEDAC, we know that addressing the Commonwealth’s housing challenges starts long before construction begins. By providing flexible financing at the earliest stages of development, we help nonprofit partners move projects forward and create lasting affordable housing opportunities for Massachusetts communities.
Read the full press release here.
