CEDAC Executive Director Message

I am pleased and grateful to be back in Massachusetts working to preserve and create affordable housing. The Commonwealth is committed to solving the many challenges to making housing affordable, available, and accessible. The Community Economic Development Assistance Corporation (CEDAC) plays an essential role in carrying out that commitment.

The Commonwealth has already enacted the Affordable Homes Act and the MBTA Communities Act. The $5 billion commitment to affordable housing is historic. Fulfilling its promise requires concerted efforts by public, nonprofit, and for-profit organizations all working toward shared goals. I know that working together Massachusetts can turn the vision into reality.

CEDAC has a long history of supporting community-based affordable housing and child care development, primarily by nonprofit community development corporations. These are the organizations rooted in communities and focused on creating opportunities for people who have been too often excluded. Since our creation in 1978, CEDAC has been an innovator in preserving existing affordable housing and in nurturing the capacity of emerging developers to create new housing and improved child care facilities. These capabilities in predevelopment lending and technical assistance are an essential part of what Massachusetts needs at this moment.

The team of mission-committed professionals at CEDAC understand affordable housing in Massachusetts and care deeply about its success. They are part of the reason I chose to return here, and I have been learning with them and from them since I joined the team in June. I aim to bring my ideas and experience to support them in pursuit of our affordable housing and community development mission. The board members who guide CEDAC and our affiliate the Children’s Investment Fund are an invaluable source of wisdom and direction in all our work.

When I left Massachusetts in 2011 to work on affordable housing policy in Washington, DC, the HUD Fair Market Rent for a two-bedroom apartment in Boston was $1,349. Today it is $2,837. Now more than ever, we need good choices and creative thinking in housing policy. For any family, an affordable home creates safety and stability; its absence limits opportunity and consumes prosperity.

The Commonwealth faces well-understood housing challenges. It also faces massive uncertainty about what the federal government will do, for good or ill, in coming months. CEDAC will be here to help navigate those challenges. We will help community-based developers find the resources they need and put together developments that can succeed. We will identify targeted solutions to preserve older affordable housing properties that have been too long neglected. We will find ways to deploy capital for energy efficient, climate-resilient housing. We will reinvigorate the Home Modification Loan Program to better meet the need for accessibility. We will work closely with the Executive Office of Housing and Livable Communities to help deploy public capital into supportive housing and improve accessibility in rental homes. And we will need to work together to adjust to whatever comes our way from Washington.

In 2021, President Biden appointed me to lead HUD’s Office of Multifamily Housing Policy. It was an honor to lead the HUD effort that by the end of 2024 awarded all the $1 billion allocated to HUD under the Inflation Reduction Act to make properties safer, more energy efficient, and healthier for residents to live in. That honor was tempered by the disappointment that the massive housing investments of the Build Back Better proposal were not enacted. But as a dedicated houser, I know never to give up. So now, I feel even more honored to be leading CEDAC, especially at a time when Massachusetts is so committed to affordable housing. I am glad to once again call Massachusetts my home. Let’s all work together to make good homes available to everyone.

Ethan Handelman

Expanding Access to Child Care Through Affordable Housing Development

Many parts of Massachusetts are an “access desert” when it comes to licensed child care, according to the Department of Early Education and Care. That access desert affects 70% of infants and 43% of toddlers in the Commonwealth. Affording child care is also a challenge—more than 30,000 children are currently on the waitlist for child care financial assistance. Massachusetts needs more and better child care services, and physical infrastructure is a part of the solution.

However, child care programs looking to expand often struggle to find high-quality facilities in communities they serve. They can also struggle to finance the creation or improvement of facilities. As a result, many programs operate out of aging, suboptimal spaces not designed for children.

Children’s Investment Fund (CIF) and CEDAC are working to change that. CIF focuses on financing development of high-quality child care environments and its partnership with CEDAC has led to several projects that co-locate affordable housing with child care facilities, formally called early care and education (ECE). This model is gaining traction at the state level. In March 2025, Governor Healey’s Inter Agency Early Education and Child Care Task Force released a report that included two related recommendations for the Executive Office of Housing and Livable Communities to encourage co-location.

This summer, CIF and CEDAC utilized their networks to survey affordable housing developers on this topic. They also hosted a focus group with developers in September to solicit feedback on the opportunity for new child care spaces to be developed alongside affordable housing.

Preliminary Results
The affordable housing developers who provided feedback generally support co-location of housing and ECE. Eight developers are already doing this work or have created such sites in the past, but most of them are concentrated in the Boston metro area.

The following opportunities were articulated by affordable housing developers:
– ECE is a community benefit to tenants and neighborhood residents. It provides a much-needed service.
– ECE is a good option for filling commercial space in buildings. Several developers noted recent volatility in retail and other businesses that typically fill commercial spaces. ECE has the potential to be a stable tenant.

Potential challenges include:
– The need for capital resources to support the build-out of an ECE space, which is something neither ECE operators nor affordable housing developers typically have access to.
– The challenge of identifying the right child care operator as a partner, and one that can commit to a long-term lease. Developing new affordable housing typically requires a long-term commitment from commercial tenants.
– The need for predevelopment and planning support for both affordable housing developers and ECE providers for this type of collaboration.
– Site considerations for a child care site, which include adequate outdoor play space and traffic circulation for pick up/drop off.

Almost all the responding developers expressed interest in learning more. CIF and CEDAC are part of a working group under the Inter Agency Task Force initiative. Other areas of further exploration include gathering data on current ECE programs in public housing, identifying potential policy changes that could incentivize more co-location projects, and hosting a webinar for developers to share more information about successful projects.

As Massachusetts invests in creating new affordable homes, developers and child care providers should ensure that ECE facilities are part of these projects. There is much still to learn and real potential to help families across the Commonwealth.

CEDAC Early-Stage Funding in Q1 of FY2026 Will Help Create or Preserve Affordable Housing in Communities Across the Commonwealth

Today, CEDAC announced its early-stage project financing commitments during the first quarter of FY2026 will help to create or preserve affordable housing in communities across the Commonwealth. These projects will address a range of affordable housing needs including permanent supportive housing and new affordable housing production.

The total commitment of $4,103,910 in predevelopment financing to nine (9) projects will promote affordable housing development by community development corporations and other non-profit entities in communities throughout Massachusetts, including in Boston, Dorchester, Somerville, Plymouth, Lynn, Arlington, Rowley, Greenfield and Topsfield.

“Our commitment to these incredible projects bolster the state’s mission to provide affordable housing for individuals and families across Massachusetts,” said CEDAC’s Executive Director, Ethan Handelman. “We are excited to continue providing financing and technical assistance work with our non-profit community partners as these projects progress to the next stage.”

Learn more about the projects here.

CEDAC-Supported Affordable Housing Projects Selected in Winter Round Financing Leveraged over $9 Million in Predevelopment Funds

Today, CEDAC announced that it has provided financing to nine of 21 affordable housing projects that received funding awards in the most recent competitive round of affordable housing led by the Massachusetts Executive Office of Housing and Livable Communities (EOHLC). CEDAC has committed a total of $9,587,000 in early-stage financing to these projects, which will create 429 new affordable rental apartments. Additionally, 128 of these apartments will be designated for extremely low-income individuals or households often transitioning from homelessness.

“The projects announced in EOHLC’s new round of funding show the kind of housing we wish to support with our non-profit partners across the Commonwealth,” said CEDAC Executive Director, Ethan Handelman. “We are thrilled to continue our partnership with the Healey Administration in fulfilling their mission to create more affordable housing in Massachusetts.”

Details on the projects CEDAC financed can be found here.

CEDAC Early-Stage Funding in Q4 of FY2025 Will Help Create or Preserve Affordable Housing in Communities Across the Commonwealth

Today CEDAC announced that its early-stage project financing commitments of over $12.6 million during the fourth quarter of FY2025 will help to create or preserve affordable housing in communities across the Commonwealth. These projects will address a range of affordable housing needs including permanent supportive housing and new affordable housing production.

With these fourth quarter financing commitments, CEDAC has approved commitments of nearly $40 million to 46 affordable housing projects in FY2025.

“CEDAC’s significant financing activity in the final quarter of FY2025 helped to support affordable housing projects that will assist people in need across the Commonwealth” said CEDAC Executive Director, Ethan Handelman. “We will continue to work closely with our nonprofit partners as these projects move forward.”

Learn more about the projects here.

The Home Modification Loan Program: The Myette Family

Plymouth’s John and Pam Myette have strived to keep their family together for their son Billy, who has nonverbal autism. However, as Billy got older, the couple’s concerns for their own aging and their son’s future grew. The passing of the Healey-Driscoll Administration’s 2024 landmark Affordable Homes Act and a new zoning policy allowing property owners by right to develop an Accessory Dwelling Unit (ADU), a small residential space located in the same area as a private residence, created a new housing option that the parents of two could utilize through the Home Modification Loan Program (HMLP).

The Myettes’ older son and a parent of one of Billy’s classmates informed them about ADUs and the HMLP respectively. To help with the funding for the project, they sought assistance from the state-funded HMLP and worked with NeighborWorks Housing Solutions, the regional HMLP provider for Southeastern Massachusetts communities.

Neighborworks’ experienced staff guided the family through the HMLP loan application process. Once the loan was approved and the building permit issued by the city, construction began. The result was a 900 sq ft. ADU that granted Billy the space needed to exercise his independence and gave his parents peace of mind. The HMLP also reduced their financial burden for the project, since eligible households can obtain up to a $50,000 loan at 0% interest, with loan repayment deferred until the property is sold or the title is transferred. Furthermore, Billy’s brother, who suggested creating an ADU in the first place, plans to move into the main house in the future so he can be close and provide support to Billy over his lifetime.

The Myette family’s story is another example of how truly beneficial the HMLP program is to households across the Commonwealth. Eligible families with elderly or disabled loved ones now have more options when it comes to providing housing and independence without a hefty financial burden. With this program, families can embrace the future instead of fearing it.

To watch the video of the Myettes’ journey, click here. To learn more about the HMLP program, click here.

CEDAC Early-Stage Funding in Q3 of FY2025 Will Help Create or Preserve Affordable Housing in Communities Across the Commonwealth

Today CEDAC announced that its early-stage project financing commitments during the third quarter of FY2025 will help to create or preserve affordable housing in communities across the Commonwealth. These projects will address a range of affordable housing needs including permanent supportive housing and new affordable housing production.

The total commitment of $2,250,000 in predevelopment financing to seven (7) projects will promote affordable housing development by community development corporations and other non-profit entities in communities throughout Massachusetts, including in Beverly, Boston, Cambridge, Leominster, Lynn and Malden.

With these third quarter financing commitments, CEDAC has approved commitments of over $27 million to 32 affordable housing projects for the first nine months of FY2025. This quarter in particular, CEDAC committed more than $200,000 in financing under a new decarbonization predevelopment loan program, offered in partnership with the Massachusetts Housing Partnership, made possible in part by a grant from The Boston Foundation. Under this pilot program, predevelopment loans are made available at a reduced (3%) interest rate to fund costs relating to decarbonization and climate resiliency, to support green retrofit of existing affordable housing and other buildings being converted to affordable housing use.

“CEDAC’s lending activities in the third quarter of 2025 helped to advance the development of a number of important affordable housing projects that will support individuals and families across Massachusetts,” said CEDAC’s Executive Director, Roger Herzog. “We look forward to continuing our financing and technical assistance work with non-profit community partners as these projects move forward into construction.”

Learn more about the projects here.

Healey-Driscoll Administration and CEDAC Announce Selection of New Executive Director

BOSTON (April 23, 2025) – The Community Economic Development Assistance Corporation (CEDAC) and the Massachusetts Executive Office of Housing and Livable Communities (EOHLC) today announced the selection of its new executive director.

Affordable housing and housing finance expert, Ethan Handelman, has been selected as CEDAC’s new executive director, effective June 1. Handelman will replace Roger Herzog, who will retire this spring.

CEDAC’s Board of Directors partnered with global executive search firm, DSG Koya, to conduct a robust national search that included input from many important partners and stakeholders in the affordable housing community and the community economic development sector. From a pool of outstanding candidates, Handelman was the unanimous choice of the search committee and CEDAC Board of Directors.

“CEDAC is entering a new era of leadership at a time when the Healey-Driscoll Administration is doubling down on its commitment to making housing more affordable and accessible to all through a multifront strategy that includes the Affordable Homes Act, implementation of the MBTA Communities Law and the state’s first comprehensive housing plan,” said Ed Augustus, Secretary of Housing and Livable Communities. “Roger Herzog has accomplished so much during his 16-year tenure as Executive Director of CEDAC, enabling community-based organizations to create affordable housing with access to financing and other technical support. With more than two decades of housing experience, Ethan Handelman is the ideal leader to carry that legacy forward and build upon CEDAC’s long history.”

As the new executive director of CEDAC, Handelman will lead the organization, including its affiliate, the Children’s Investment Fund (CIF), through its next phase of growth and development as it continues to provide project financing and technical expertise for community-based and other nonprofit organizations engaged in effective community development in Massachusetts. He will also oversee CEDAC’s work as an underwriting agent for EOHLC for multiple state bond programs that finance the production and preservation of supportive housing for vulnerable populations.

“Massachusetts is uniquely fortunate to have an organization like CEDAC that provides robust early-stage financing support that can be accessed by virtually any community development corporation across the Commonwealth,” said Ethan Handelman, CEDAC’s newly selected Executive Director. “It’s a great honor to be selected for this role leading such a remarkable team and entrusted with carrying on Roger’s tremendous work.”

“I’m delighted that the CEDAC Board has chosen Ethan as the agency’s next Executive Director,” said Roger Herzog, CEDAC’s current Executive Director, whose career at the organization spans more than 25 years. “His impressive career history with HUD and FHFA, as well as with the National Housing Conference and other organizations, assures that CEDAC will remain well positioned as a crucial housing finance resource into the future.”

Handelman has been a long-time leader in affordable housing and housing finance in the public and private sectors. Most recently, he served as the Deputy Assistant Secretary for the Office of Multifamily Housing Programs at the U.S. Department of Housing and Urban Development (HUD), a position he was appointed to by President Biden in February 2021. Prior to joining HUD, Handelman was a Senior Policy Analyst at the Federal Housing Finance Agency (FHFA) in the Office of Housing and Community Investment, which oversees the affordable housing mission activities of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. Before FHFA, he spent seven years as Vice President for Policy and Advocacy at the National Housing Conference (NHC), finishing his time as Acting CEO. Handelman also previously led the advisory practice at Massachusetts-based Recap Real Estate Advisors, assisting public and private-sector clients to understand and shape the affordable housing financial and policy environment. He holds a Master of Arts in International Relations from Harvard University and a Bachelor of Arts in Political Science from University of Michigan.

As we look forward to welcoming Ethan Handelman in June, we share a note of gratitude to Roger Herzog for his many years of service. Roger joined CEDAC in 1999 and has played a pivotal role in advancing the agency’s mission and culture. As Executive Director since 2008, he has worked with the dedicated CEDAC board and staff to support the creation and preservation of affordable housing through its partnerships with federal, state, and local agencies, community development corporations (CDCs) and other non-profit housing organizations.

CEDAC Announces Recipients of The Small Property State Acquisition Fund

BOSTON (April 2, 2025) – CEDAC is pleased to announce that three nonprofit housing organizations have been awarded funding as part of the pilot round of the Small Property State Acquisition Fund (SPAF) Program.

The SPAF Program offers acquisition financing to eligible nonprofit housing organizations of up to $450,000 for the purchase of existing smaller residential properties of 1-8 units. This state capital funding is provided in the form of zero-interest deferred payment loans with 30-50 year terms.

“While we work to build the housing that Massachusetts residents need now and into the future, it is essential that we preserve and maintain the affordable housing we already have,” said Executive Office of Housing and Livable Communities Secretary Ed Augustus. “Every property that we can keep affordable and every family we can keep in an affordable home has an outsized impact in our communities. The Executive Office of Housing and Livable Communities is grateful to CEDAC and our nonprofit partners for the incredible work they do through the SPAF program to save affordable properties and keep people in their homes.”

“The SPAF Program will provide critical financing to nonprofit organizations to help them preserve existing tenancies in small residential properties and create long-term affordability for residents,” said CEDAC’s Executive Director, Roger Herzog. “We’re grateful for the partnership of Governor Healey, Secretary Augustus and the Administration as they continue to make affordable housing a top priority.”

The nonprofit housing organizations that will receive financing include:

Boston Neighborhood Community Land Trust
Chinatown Community Land Trust
Dorchester Bay

Learn more about the SPAF award recipients here.

CEDAC Provides Over $9.2 Million in Early-Stage Financing for Affordable Housing Projects

CEDAC has underwritten and will support fourteen affordable housing projects that received funding awards in the most recent competitive round of affordable housing led by the Massachusetts Executive Office of Housing and Livable Communities (EOHLC). CEDAC also committed a total to date of $9,265,000 in early-stage financing to five of these projects, including:

Warren Hall Apartments, Boston: CEDAC provided $7.2 million in acquisition financing to Allston Brighton Community Development Corporation (ABCDC), as part of a joint venture with The Schochet Companies, to purchase the historic Warren Hall property in Brighton which will be preserved as affordable housing for the Allston-Brighton community. The property, built in 1879 and which previously held a bar on the premises where legendary band The Doors once performed, currently contains 33 apartments and 4,800 square feet of commercial space; the redevelopment will create 2 new accessible units. Thirty-three of the 35 units are designated as affordable housing, with 8 units set aside for residents with incomes at or below 30% of the AMI (Area Median Income).

Asbury Common, Hamilton: Asbury Common is a 45-unit affordable family rental project. The development is 100% affordable with 16 units restricted for residents at or below the 30% AMI threshold. CEDAC has supported this project since 2022 and provided $700,000 in a predevelopment loan to Harborlight Homes.

Marriner Mill 4B, Lawrence: Marriner Mill 4B is a 100% affordable, 76-unit development project stewarded by Lawrence Community Works with 21 of the units reserved for residents with incomes at or below 30% AMI. The 4B project is the second of two phases through which the large former mill building will be redeveloped. In total the ambitious initiative will create 148 new affordable housing units while preserving an important historic asset. CEDAC provided $904,500 in predevelopment funding for the project.

Residences at El Centro, Salem: North Shore Community Development Coalition (NSCDC) and North Shore Community Health Center (NSCH) have entered into a joint venture to develop this waterfront El Centro campus project. CEDAC provided a $515,000 predevelopment loan for the 48-unit senior housing development. The project is 100% affordable and is spread across two buildings which will connect the commercial section of the area with the revitalized Harborwalk. Additionally, 8 of the 48 units will be reserved for residents with incomes at or below 30% AMI, supported by project-based vouchers under the Massachusetts Rental Voucher Program, while the other 40 units will be reserved for residents with incomes at or below 50% AMI, supported by rent subsidies from the HUD 202 Funding for the Elderly program.

Saint Ann’s Senior Village, Wayland: CEDAC provided the Planning Office for Urban Affairs (POUA) with $400,000 in predevelopment funding for this development which will provide affordable housing to seniors. All of the project’s 60 units are affordable, with 15 of said units reserved for residents with incomes at or below 30% AMI.