Impact Numbers

CEDAC Non-Profit Funding in Massachusetts

$24,438,792 Total

Impact of CEDAC's Early Stage Financing (FY21)

  • 52Projects
  • 2,024Units
  • $22,803,792**Loaned or granted**includes participations

Impact of CIF's Early Stage Financing (FY21)

  • 3Projects
  • $1,635,000**Loaned or granted**includes participations


Statement of Net Assets June 30, 2021

Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Total current assets $23,768,307 $11,584,675 $48,882,339 $84,235,321
Total other assets 23,803,468 316,111 6,686,558 30,806,137
Total assets $47,571,775 $11,900,786 $55,568,897 $115,041,458
Liabilities and Net Assets        
Total current liabilities 11,639,722 10,300,507 2,758,491 24,698,720
Long term notes payable 12,797,134 52,810,406 65,607,540
Total liabilities $24,436,856 $10,300,507 $55,568,897 $90,306,260
Net Assets        
Unrestricted net assets 19,073,751 19,073,751
Invested in capital assets 185,824 185,824
Restricted net assets – expendable 3,875,344 1,600,279 5,475,623
Total net assets $23,134,919 $1,600,279 $24,735,198
Total liabilities and net assets $47,571,775 $11,900,786 $55,568,897 $115,041,458

Statement of Revenues, Expenses and Changes In Net Assets For the Year Ended June 30, 2021

Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Total operating revenues $4,198,144 $4,340,542 $411,421 $8,950,107
Total operating expenses 3,997,609 3,110,980 7,108,589
Changes in net assets from operations 200,535 1,229,562 411,421 1,841,518
Net operations of loan funds not recourse to CEDAC (411,421) (411,421)
Changes in net position 200,535 1,229,562 1,430,097
Net assets, beginning of year 22,934,384 370,717 23,305,101
Net assets, end of year $23,134,919 $1,600,279 $24,735,198
Jennifer Maddox

Jennifer Maddox

DHCD Undersecretary

After being appointed to her role as Undersecretary of the Massachusetts Department of Housing and Community Development (DHCD) in February of 2020, just before the onset of the COVID-19 pandemic, Jennifer Maddox faced unique challenges in her role. In 2021, Maddox capitalized on every opportunity to immerse herself in the field, visiting affordable housing developments alongside Secretary Michael Kennealy throughout the state, and leading the state’s housing responses to the health and economic crises that we faced as a Commonwealth. She has been instrumental in supporting the ongoing work of the Eviction Diversion Initiative, ensuring tens of thousands of Massachusetts residents have been able to stay in their homes after the eviction moratorium ended in October of 2020.

Maddox has dedicated most of her life to a career in public service. She began her career at DHCD in 2000 as budget director before taking on the role of Chief Financial Officer in 2008. In this position, she was responsible for oversight of the Department’s resources and served as primary budget and financial policy advisor to the Undersecretary. With 22 years under her belt at DHCD, Maddox is uniquely qualified for this work. She understands the agency, the resources it manages, and the needs of the populations it serves.

In her role as DHCD Undersecretary, Maddox also serves as Board Chair of CEDAC. We are thrilled to have her lead the Board and help us move development projects and initiatives forward in a focused and productive manner.

Maddox continues to bring her decades of experience and understanding to the job every day, and we look forward to working alongside her to carry out our mission and effectively support the non-profit community development sector in Massachusetts.


Board of Directors & Staff List

Fiscal Year 2021

Board of Directors

  • Jennifer Maddox Chairperson
    Undersecretary Department of Housing & Community Development
  • Peter F. Daly Vice Chairperson
    Executive Director Homeowner’s Rehab, Inc.
  • Richard C. Muraida Treasurer
    Senior Vice President/Regional Manager, Commercial Banking Division, Rockland Trust
  • Emily Cooper
    Chief Housing Officer, Executive Office of Elder Affairs
  • Carmen Panacopoulos
    Sr. Business Strategy Manager, Regional & Community Outreach, Federal Reserve Bank of Boston
  • Sharon Scott-Chandler
    COO & Executive Vice President, Action for Boston Community Development
  • Mark Teden
    Vice President-Multifamily Programs, MassHousing
  • Margaret Wagner
    Co-founder and Managing Partner, First Atlantic Capital, LLC.
  • Clark L. Ziegler
    Executive Director Massachusetts Housing Partnership
  • Sara G. Schnorr Corporate Clerk
    Of Counsel Locke Lord LLP

Staff List

  • Roger Herzog Executive Director
  • Erin Abberton Portfolio Associate
  • Sara E. Barcan Director of Housing Development
  • Bill Brauner Director of Housing Preservation & Policy
  • Hien N.P. Burnham Accounting Manager
  • Tess Carenbauer Public Relations & Marketing Associate
  • Pearl Chan Programmatic & Administrative Assistant
  • JaNoah Daley Accounting Associate
  • Rolando Del Villar Operations & Lending Assistant
  • Susan Gillam Home Modification Loan Program Project Manager
  • Bree Horwitz Senior Project Manager, Children’s Investment Fund
  • Theresa Jordan Director - Children's Investment Fund
  • Cassie Mann Supportive Housing Project Manager
  • Sarah E. McKeever Senior Project Manager
  • Will Morgan Affordable Housing Project Manager
  • Madeline Nash Senior Project Manager
  • Jaclyn Pacejo Program Associate
  • Drusilla Pratt-Otto Associate Director of Finance
  • Dilia L. Ramirez Operations & Information Technology Manager
  • Lionel G. Romain Director of Housing for Central & Western Massachusetts
  • Debbie Schnitzer Director of Finance & Operations
  • Daniel Vo Senior Accountant
  • Stephan Weynicz Data & Portfolio Analyst
  • Kira Wilke Associate Director of Research & Development - Children’s Investment Fund
  • Carolyn Williams Senior Finance Manager

Funders & Partners

Fiscal Year 2021

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