Massachusetts continues to invest in affordable housing that provides stable, quality homes for families, seniors, and individuals across the Commonwealth.
The Healey-Driscoll Administration recently announced awards supporting more than 2,500 affordable rental homes led by the Executive Office of Housing and Livable Communities. The awards will support the creation and preservation of affordable homes for residents across Massachusetts.
CEDAC provided predevelopment and/or acquisition financing for six of the awarded developments:
- Evergreen Circle, Care Drive (Erving) – Rural Development Inc. is developing 18 senior apartments and 8 family townhomes in the Town of Erving, the town’s first affordable housing development.
- 470 Main Street Refinancing (Fitchburg) – NewVue Communities, Inc. will complete a moderate rehabilitation of 470 Main Street in Fitchburg and convert the majority of the existing vacant commercial space in the two lower levels into 7 new affordable rental homes for a total of 38 apartments in the building.
- Depot Lane (Ipswich) – Harborlight Homes is creating a new affordable housing community of 52 homes near Ipswich’s commuter rail station and town center, incorporating energy-efficient design and community amenities.
- High Street Development (Lynn) – Latino Support Network, in partnership with The Neighborhood Developers, is transforming three properties in Lynn’s Central Business District into 107 affordable rental homes for families, including units set aside for households that have experienced homelessness.
- 27 Crafts Ave (Northampton) – Valley Community Development is redeveloping property at 27 Crafts Avenue into new affordable housing, expanding housing options for residents in Northampton and the surrounding area.
- New Court Rainville (Springfield) – Way Finders, Inc. will renovate, recapitalize and combine into a single project a total of four buildings with 88 apartments, improving accessibility and modernizing the buildings.
CEDAC congratulates all of the developments, sponsors, and public and private partners who came together to make these awards possible. Predevelopment and acquisition financing is often the first step in a long journey toward building or preserving affordable homes, and CEDAC is proud to help nonprofit developers move their projects forward. We look forward to seeing these developments advance toward construction and to the stable, affordable homes they will bring to communities across Massachusetts.
Read the full Healey-Driscoll Administration announcement:
Governor Healey Announces Major Statewide Plan to Build Over 2,500 New Homes
