Statement of Net Position

As of June 30, 2023
Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Total current assets $29,126,838 $7,828,640 $90,162,839 $127,118,317
Total other assets 26,875,393 1,020,466 15,134,210 43,030,069
Total assets $56,002,231 $8,849,106 $105,297,049 $170,148,386
Liabilities and Net Position        
Total current liabilities 7,053,736 7,280,690 4,381,905 18,716,331
Long term liabilities 21,933,520 100,915,144 122,848,664
Total liabilities $28,987,256 $7,280,690 $105,297,049 $141,564,995
Net Position        
Unrestricted net position 22,692,192 22,692,192
Invested in capital assets 49,845 49,845
Restricted net position – expendable 4,272,938 1,568,416 5,841,354
Total net position $27,014,975 $1,568,416 $28,583,391
Total liabilities and net position $56,002,231 $8,849,106 $105,297,049 $170,148,386

Statement of Revenues, Expenses and Changes In Net Position

For the Year Ended June 30, 2023
Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Total operating revenues $8,010,642 $7,715,939 $2,794,744 $18,521,325
Total operating expenses 4,645,896 7,705,389 12,351,285
Changes in net position from operations 3,364,746 10,550 2,794,744 6,170,040
Net operations of loan funds not recourse to CEDAC (2,794,744) (2,794,744)
Changes in net position 3,364,746 10,550 3,375,296
Net position, beginning of year 23,650,229 1,557,866 25,208,095
Net position, end of year $27,014,975 $1,568,416 $28,583,391

Board of Directors & Staff List

Board of Directors

  • Jennifer MaddoxChairperson
    Deputy Secretary, Executive Office of Housing and Livable Communities
  • Richard C. MuraidaVice Chairperson
    Senior Vice President/Regional Manager, Commercial Banking Division, Rockland Trust
  • Mark TedenTreasurer
    Vice President -- Multifamily Programs, MassHousing
  • Sharon Scott-ChandlerSecretary
    President & CEO, Action for Boston Community Development
  • Gary Acquah
    Co-Founder/Managing Director, Flex Investments, LLC
  • Emily Cooper
    Chief Housing Officer, Executive Office of Elder Affairs
  • Angie Liou
    Executive Director, Asian Community Development Corporation
  • Margaret Wagner
    Co-Founder and Managing Partner, First Atlantic Capital, LLC.
  • Clark L. Ziegler
    Executive Director, Massachusetts Housing Partnership

Thank you to Carmen Panacopoulos who left the Board of Directors during fiscal year 2023.

CEDAC would like to offer sincere thanks to outgoing Board member Peter Daly. Peter was an invaluable resource on the Board, given his highly successful career as the longtime Executive Director of Homeowner’s Rehab, Inc. in Cambridge. He was a preeminent leader in the CDC housing world and brought his affordable housing development expertise to CEDAC. He served on this Board for over 26 years, including many years as our Vice Chair. We are grateful for Peter’s service to this organization and offer our best wishes on his retirement.

Staff List

  • Roger HerzogExecutive Director
  • 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
  • Allison Lee*Supportive Housing Project Manager
  • Grace LiAccountant
  • Cassie MannAffordable Housing Project Manager
  • Sarah E. MckeeverDirector of Supportive Housing
  • Will MorganSenior Project Manager for Supportive Housing
  • Claire Morton*Senior Project Manager
  • 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 SchnitzerChief Financial Officer and Chief Operating Officer
  • 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

Farewell and thank you to Lionel Romain who departed in October 2023 after fifteen years of service to CEDAC.

*Welcome to new staff members who started after 7/1/23.

Fiscal Year 2023

Funders & Partners

  • Bank of America
  • Boston Medical Center
  • The Boston Foundation
  • Citizens Bank
  • Executive Office of Education, Commonwealth of Massachusetts
    • Department of Early Education and Care
  • Executive Office of Health and Human Services, Commonwealth of Massachusetts
    • Department of Developmental Services
    • Department of Mental Health
    • Massachusetts Rehabilitation Commission
  • Executive Office of Housing and Livable Communities, Commonwealth of Massachusetts
  • Eastern Bank/Eastern Bank Charitable Foundation
  • Easthampton Savings Bank
  • Home Funders LLC
  • The Klarman Family Foundation
  • Kuehn Charitable Foundation
  • Liberty Mutual Foundation
  • The Life Initiative
  • Local Initiatives Support Corporation
  • Massachusetts Housing Investment Corporation
  • MassHousing/ Affordable Housing Trust Fund
  • Massachusetts Housing Partnership
  • Mayor's Office of Housing, City of Boston
  • The M&T Charitable Foundation
  • Plemmons Family Charitable Fund
  • Robert Wood Johnson Foundation
  • Rockland Trust/Rockland Trust Charitable Foundation
  • Silicon Valley Bank, a division of First Citizens Bank
  • United Way of Massachusetts Bay and Merrimack Valley
  • U.S. Department of the Treasury CDFI Fund