The Community Economic Development Assistance Corporation (CEDAC) approached 2022 with stalwart perseverance in the face of growing challenges and need in the housing and community development sector. Together with our partner organizations we began to turn the page on an unprecedented global pandemic and look towards the future of affordable and supportive housing in the Commonwealth. We quickly determined that our work in creating more housing opportunities for those in need was more acutely in demand than ever before. Equipped with this knowledge and empowered by a team that is passionate about their work, CEDAC was able to meet this challenge and through project financing and technical assistance, enable the completion of affordable and supportive housing projects across the state.
Beyond bringing projects to fruition that represent the combined planning and focus of our organization, our community partners, and the state, CEDAC also committed $42 million in predevelopment and acquisition financing for 51 new projects planned throughout Massachusetts. These early-stage loans underscore the central role CEDAC plays in advancing new projects and indicate the sustained demand for new supply of affordable and supportive housing for the communities we serve.
Of major note, CEDAC is honored to have been selected by DHCD to manage a $107 million program of American Rescue Plan Act funds that the Legislature targeted for supportive housing starting in FY23. Efficiently deploying these new funds - and ensuring the provision of new permanent supportive housing for our most vulnerable populations - will require no small amount of hard work, dedication, and perhaps most importantly, collaboration.
We are also pleased to note that the first hotel conversion for permanent supportive housing in Massachusetts, Father Bill’s & Mainspring’s Roadway Inn in Brockton, opened its doors in August of 2022, offering 69 studio units for formerly homeless individuals. CEDAC believes these conversion projects will prove an effective and efficient solution for the creation of permanent supportive housing, and we look forward to advancing further projects of this type. As of now, we are currently involved in 4 other conversion projects across the state that would lead to the creation of 406 units of permanent supportive housing in the coming years.
In 2021, responding to calls for a reexamination of how our society confronts racial injustice and inequality, CEDAC committed to improving its efforts in this area. This year, we worked closely with state partners to lead the implementation of new criteria in funding applications, including the requirement for applicants to present detailed plans to increase the use of Minority Business Enterprises (MBEs) in their projects. In the first funding round to utilize this new requirement, DHCD awarded funding to 26 projects, and if these developers meet their MBE goals, the projects will generate business activity totaling almost $126 million for these businesses. This marks a clear and a positive start to this new initiative which CEDAC will continue to champion for years to come.
CEDAC’s efforts in creating further support structures for those in need across the Commonwealth did not stop at housing development. Our organization continues to advocate for and finance community development initiatives that will provide greater access to quality child care. Representing Secretary Kennealy on a legislative Early Education and Care Economic Review Commission, Roger had the opportunity to deliver a set of recommendations by CEDAC’s affiliate, Children’s Investment Fund, that recognizes the physical environment as a critical component of program quality and calls for increased investment to improve and expand existing facilities.
Looking ahead to 2023, CEDAC is optimistic for the future. We are grateful for the 8 years of close partnership and collaboration we shared with the outgoing Baker-Polito administration and are excited to work with a new partner in Governor Maura Healey and her administration. Governor Healey’s stated commitment to making affordable housing a priority is an encouraging sign to all of us who are dedicated to this mission.
In this report, you will learn about 16 housing and child care projects completed in 2022 that we have highlighted to showcase the variety of projects we have assisted and the diversity of the communities we have served. We hope you will enjoy learning more about our organization’s ongoing work.
CEDAC Executive Director
CEDAC Board Chair