CEDAC committed predevelopment or acquisition financing to 6 of these projects – BOSTON, July 20, 2022 – The Community Economic Development Assistance Corporation (CEDAC) is proud to serve as a financing partner in the production or preservation of 11 supportive housing projects announced during the Baker-Polito Administration’s most recent Supportive Housing funding round.Projects stretch from Beverly and Boston to Chicopee with CEDAC commitments totaling $6.5 million.
BOSTON (Aug 11, 2022) – The Community Economic Development Assistance Corporation (CEDAC) is proud to announce its work as a financing partner in the production or renovation of 26 affordable housing projects announced during the Baker-Polito Administration’s most recent Winter Rental Round. state funding represents a combination of direct subsidies, state and federal tax credits, and other resources to support the creation and preservation of affordable housing through multiple funding rounds each year. These most recent awards announced on July 26th comprise the biggest funding round of 2022 and include housing for seniors, families, and individuals.
CEDAC’s total commitment of $6.5 million in acquisition and predevelopment financing will facilitate affordable housing development by community development corporations and other non-profit entities. CEDAC provided predevelopment and/or acquisition financing to the following six projects:
Anchor Point Phase 2
Using CEDAC acquisition financing in January of 2018, Harborlight Community Partners, Inc. (HCP) acquired a five-acre site to develop the Anchor Point project. HCP will build 77 new affordable family rental units, all two and three-bedroom units, in two phases. Each phase will consist of a three-story wood frame building with a community room, common laundry and elevator, and the two buildings will be connected by a pedestrian bridge. The first phase of the project has completed construction and celebrated its ribbon-cutting on July 29th. Anchor Point Phase 2 (Phase 2) will include 39 units affordable to low-income households at or below 60% AMI. Sixteen units will be reserved for households at or below 30% AMI, 8 of which will house formerly homeless families. CEDAC provided $948,306 in predevelopment and $1,620,000 in acquisition funds for the project.
150 River Street
Caribbean Integration Community Development (CICD), in partnership with The Planning Office for Urban Affairs (POUA), will construct a 30-unit affordable senior housing development on a vacant, one-acre, City of Boston-owned site on River Street in Mattapan. The project consists of three studio units and 27 one-bedroom units across three floors, as well as 2,800 square feet of common space. Of the 30 units, 11 are designated for 30% AMI households, 15 are designated for 60% AMI households, and four are designated for 70% AMI households. CEDAC provided a predevelopment loan of $750,000 for the project, as well as a $15,000 loan to CICD to support this emerging minority-led community development organization.
Neighborhood of Affordable Housing, Inc. (NOAH), is constructing 36 units of affordable rental housing and 2,550 square feet of commercial studio space for artists. The project involves a five-story building with eight units for households at or below 30% AMI, and 28 units for households at or below 60% AMI, plus a common-area work bar and art gallery, shared laundry, and a management office. In response to a neighborhood desire to support local artists, the project will also include 17 artist work-space studios (commercial) of the units, and the building will also include three shared artist studios, a common-area work bar and art gallery, shared laundry, and a management office, a building with 17 artist work-space studios (commercial) available for rent with a preference for Aileron residents. NOAH received City of Boston developer designation with their proposal which will convert the long-neglected property into productive use. At an adjacent property NOAH is developing 7 mixed income ownership units. CEDAC provided $620,000 in predevelopment loan financing.
Carol Avenue Rehab
Carol Avenue Apartments is a 100-year-old property in Brighton, which was purchased by the Allston Brighton CDC in July 2018. The project consists of the preservation of 33 units in three adjacent buildings: 6 Carol Ave. (12 units), 10 Carol Ave. (10 units) and 12 Carol Ave. (11 units). The CDC is proposing an extensive renovation of the property which will include, among other work, new mechanical systems, windows, doors, added insulation, new ventilation, improved accessibility and new fire suppression. CEDAC provided a predevelopment loan of $250,000 for the renovation.
Valley Opportunity Council, Inc. (VOC) will renovate an abandoned historic school building, known as Belcher School, and create 25 units of housing in Chicopee. The Belcher Apartments project will contain 25 units, including 2 one-bedroom units, 17 two-bedroom units, and 6 three-bedroom units. 22 units will serve households whose incomes are at or below 60% AMI, including 7 units reserved for households at or below 30% AMI and, in some cases, transitioning from homelessness. All residents will have access to supportive services and an on-site resident service coordinator will connect residents to various services offered by VOC and other area providers. There will be 3 market rate units and 3 fully accessible units. 43 off-street parking spaces will be created. This project received city support through inclusion in a zoning overlay district designed to assist projects like Belcher Apartments. CEDAC committed a predevelopment loan of $290,000 for the project.
22 Johnston Way
Stow Elderly Housing Corp. (SEHC) is constructing 37 new units and rehabilitating 50 existing units for seniors with supportive services at their Stow Apartments site. Funding sources include state and federal low-income housing tax credits and subsidy funds, plus local Community Preservation Act funds. All 87 units will be restricted for seniors earning less than 60% of AMI, with additional units further restricted for seniors earning less than 30% of AMI. CEDAC provided patient acquisition and predevelopment financing totaling $2,027,500 dating back to 2011, while SEHC sought 40B zoning approvals for the new units. SEHC’s perseverance, and the town’s unwavering support, will help to address the pressing need for high quality affordable homes for seniors in Stow.
CEDAC is a public-private community development financial institution that provides project financing and technical expertise for community-based and other non-profit organizations engaged in effective community development in Massachusetts. CEDAC’s work supports two key building blocks of community development: affordable housing and early care and education. CEDAC is also active in state and national housing preservation policy research and development and is widely recognized as a leader in the non-profit community development industry. For additional information on CEDAC and its current projects, please visit www.cedac.org.