Organization

Financials

Statement of Net Position

As of June 30, 2025
Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Assets        
Total current assets $36,309,864 $31,360,962 $79,358,262 $147,029,088
Total other assets 41,680,029 1,325,000 14,065,573 57,070,602
Total assets $77,989,893 $32,685,962 $93,423,835 $204,099,690
Liabilities and Net Position        
Total current liabilities 14,294,060 30,948,504 2,809,446 48,052,010
Long term liabilities 30,558,852 — 90,614,389 121,173,241
Total liabilities $44,852,912 $30,948,504 $93,423,835 $169,225,251
Net Position        
Unrestricted net position 29,259,949 — — 29,259,949
Invested in capital assets 50,343 — — 50,343
Restricted net position – expendable 3,826,689 1,737,458 — 5,564,147
Total net position $33,136,981 $1,737,458 — $34,874,439
Total liabilities and net position $77,989,893 $32,685,962 $93,423,835 $204,099,690

Statement of Revenues, Expenses and Changes In Net Position

For the Year Ended June 30, 2025
Enterprise Funds Operating and CEDAC Loan Funds Restricted Program Funds Loan Funds Under Management Total
Total operating revenues $9,286,008 $11,320,679 $3,967,970 $24,574,657
Total operating expenses 5,700,600 11,249,836 — 16,950,436
Changes in net position from operations 3,585,408 70,843 3,967,970 7,624,221
Net operations of loan funds not recourse to CEDAC — — (3,967,970) (3,967,970)
Changes in net position 3,585,408 70,843 — 3,656,251
Net position, beginning of year 29,551,573 1,666,615 — 31,218,188
Net position, end of year $33,136,981 $1,737,458 — $34,874,439

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/Director of Commercial Real Estate Lending, Rockland Trust
  • Mark TedenTreasurer
    Vice President of Multifamily Programs
  • Sharon Scott-ChandlerSecretary
    President & CEO, Action for Boston Community Development
  • Gary Acquah
    Co-Founder/Managing Director, Flex Investments, LLC
  • Emily Cooper
    Director of Housing, Homelessness, and Health Policy, MassHealth
    Chief Housing Officer, Executive Office of Aging & Independence
  • Angie Liou
    Executive Director, Asian Community Development Corporation
  • Clark L. Ziegler
    Executive Director, Massachusetts Housing Partnership

Staff List

  • Ethan HandelmanExecutive Director
  • Pearl ChanOperations Associate
  • Rolando Del VillarAccounting Associate
  • Yesenia GilSenior Project Manager — Children’s Investment Fund
  • 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 LeeSupportive Housing Project Manager
  • Grace LiAccountant
  • Cassie MannAffordable Housing Project Manager
  • Shyla MatthewsDirector of Housing for Central & Western Massachusetts
  • Sarah E. McKeeverDirector of Supportive Housing
  • Will MorganSenior Project Manager for Supportive Housing
  • Claire MortonSenior Project Manager
  • Madeline NashSenior Project Manager
  • Jaclyn PacejoLending Operations Manager
  • Veronica PelletierPortfolio Associate
  • Thu PhanAccountant
  • Drusilla Pratt-OttoAssociate Director of Finance
  • Dilia L. RamirezDirector of IT and Office Administration
  • Roberta RubinDirector of Housing Development and Preservation
  • Debbie SchnitzerChief Financial Officer and Chief Operating Officer
  • Daniel VoAccounting Manager
  • Bryn WeilerIT and Administration Associate
  • Stephan WeyniczData & Portfolio Analyst
  • Kira WilkeAssociate Director of Development — Children's Investment Fund

Farewell and thank you to Roger Herzog who departed in June 2025 after twenty-six years of service to CEDAC.

Fiscal Year 2025

Funders & Partners

  • bankESB
  • Bank of America
  • Boston Medical Center
  • The Boston Foundation
  • Cabot Family Charitable Trust
  • Citizens Bank
  • Community Development Financial Institutions (CDFI) Fund, United States Department of the Treasury
  • 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
    • MassAbility
  • Executive Office of Housing and Livable Communities, Commonwealth of Massachusetts
  • Eastern Bank/Eastern Bank Charitable Foundation
  • First Citizens Bank
  • Home Funders Collaborative
  • 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
  • The Property & Casualty Initiative
  • Robert Wood Johnson Foundation
  • Rockland Trust/Rockland Trust Charitable Foundation
  • United Way of Massachusetts Bay and Merrimack Valley

Image Credits: Damianos Photography, Paige McWhorter Photography (Northstar Learning Center, Betty Greene Apartments, and Square One), Andy Levine of Tomo360 (HMLP photos and video), Utile (Betty Greene Apartments)

Writing and Design Credits: The Brand Row, Seven Letter, and Ciampa Creative