Statement of Net Position

June 30, 2022
Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Total current assets $25,247,160 $11,391,135 $68,846,520 $105,484,815
Total other assets 18,131,658 545,466 5,757,863 24,434,987
Total assets $43,378,818 $11,936,601 $74,604,383 $129,919,802
Liabilities and Net Position        
Total current liabilities 10,928,054 10,378,735 11,009,629 32,316,418
Long term liabilities 8,800,535 63,594,754 72,395,289
Total liabilities $19,728,589 $10,378,735 $74,604,383 $104,711,707
Net Position        
Unrestricted net position 19,496,714 19,496,714
Invested in capital assets 113,251 113,251
Restricted net position – expendable 4,040,264 1,557,866 5,598,130
Total net position $23,650,229 $1,557,866 $25,208,095
Total liabilities and net position $43,378,818 $11,936,601 $74,604,383 $129,919,802

Statement of Revenues, Expenses and Changes In Net Position

For the Year Ended June 30, 2022
Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Total operating revenues $4,772,398 $8,950,527 $390,964 $14,113,889
Total operating expenses 4,221,028 8,992,940 13,213,968
Changes in net position from operations 551,370 (42,413) 390,964 899,921
Net operations of loan funds not recourse to CEDAC (390,964) (390,964)
Changes in net position 551,370 (42,413) 508,957
Net position, beginning of year 23,098,859 1,600,279 24,699,138
Net position, end of year 23,650,229 $1,557,866 $25,208,095

Board of Directors & Staff List

Board of Directors
  • Jennifer MaddoxChairperson
    Undersecretary, Department of Housing & Community Development
  • Peter F. DalyVice Chairperson
    Executive Director, Homeowner's Rehab, Inc.
  • Richard C. MuraidaTreasurer
    Senior Vice President/Regional Manager, Commercial Banking Division, Rockland Trust
  • Sharon Scott-ChandlerSecretary
    President & CEO, Action for Boston Community Development
  • Emily Cooper
    Chief Housing Officer, Executive Office of Elder Affairs
  • Carmen Panacopoulos
    Sr. Business Strategy Manager, Regional & Community Outreach, Federal Reserve Bank of Boston
  • 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
Staff List
  • Roger HerzogExecutive Director
  • Erin AbbertonPortfolio Associate
  • Sara E. BarcanDirector of Housing Development
  • Bill BraunerDirector of Housing Development and Preservation
  • Pearl ChanOperations Associate
  • Rolando Del VillarAccounting Associate
  • Susan GillamHome Modification Loan Program Project Manager
  • Cheyenne GriffinProgram Assistant, Children’s Investment Fund
  • Bree HorwitzSenior Project Manager, Children's Investment Fund
  • Theresa JordanDirector, Children's Investment Fund
  • Grace LiAccountant
  • Cassie MannAffordable Housing Project Manager
  • Sarah E. MckeeverDirector of Supportive Housing
  • Will MorganSenior Project Manager for Supportive Housing
  • Madeline NashSenior Project Manager
  • Jaclyn PacejoLending Operations Manager
  • Veronica PelletierPortfolio Associate
  • Thu PhanAccountant
  • Drusilla Pratt-OttoAssociate Director of Finance
  • Dilia L. RamirezAssociate Director of IT and Operations
  • Lionel G. RomainDirector of Housing for Central & Western Massachusetts
  • Debbie SchnitzerDirector of Finance & Operations
  • Alicia ToneySenior Project Manager, Children’s Investment Fund
  • Daniel VoAccounting Manager
  • Bryn WeilerOperations and Lending Assistant
  • Stephan WeyniczData & Portfolio Analyst
  • Kira WilkeAssociate Director of Development, Children’s Investment Fund
  • Carolyn M. WilliamsSenior Finance Manager

Congratulations to Carolyn Williams who retired on June 30, 2022 after nineteen years of service to CEDAC and to Sara Barcan who departed in September 2022 to become the Executive Director of Homeowner’s Rehab, Inc., a non-profit affordable housing developer, after twenty years of service to CEDAC.

Thank you to former and outgoing staff members—Erin Abberton, Hien Burnham, Tess Carenbauer, and JaNoah Daley—for your contributions to CEDAC.

Welcome to new staff members, Cheyenne Griffin, Veronica Pelletier, and Bryn Weiler, who started after 7/1/22.

Fiscal Year 2022

Funders & Partners

  • Bank of America
  • Barr Foundation
  • Boston Medical Center
  • Citizens Bank
  • Department of Developmental Services, Commonwealth of Massachusetts
  • Department of Early Education and Care, Commonwealth of Massachusetts
  • Department of Housing and Community Development, Commonwealth of Massachusetts
  • Department of Mental Health, Commonwealth of Massachusetts
  • Eastern Bank/Eastern Bank Charitable Foundation
  • Easthampton Savings Bank
  • Home Funders LLC
  • John D. and Catherine T. MacArthur Foundation
  • The Klarman Family Foundation
  • Kuehn Charitable Foundation
  • Liberty Mutual Foundation
  • The Life Initiative
  • Local Initiatives Support Corporation
  • Massachusetts Housing Investment Corporation
  • Massachusetts Rehabilitation Commission, Commonwealth of Massachusetts
  • MassHousing/ Affordable Housing Trust Fund
  • Massachusetts Housing Partnership
  • Mayor’s Office of Housing, City of Boston
  • People’s United Community Foundation
  • Robert Wood Johnson Foundation
  • Rockland Trust/ Rockland Trust – Blue Hills Charitable Foundation
  • Silicon Valley Bank
  • United Way of Massachusetts Bay and Merrimack Valley
  • U.S. Department of the Treasury CDFI Fund