15 projects in 14 communities will create or preserve more than 700 units of rental housing
BOSTON, 29, April 2022 – Community Economic Development Assistance Corporation (CEDAC) was delighted to join Housing and Economic Development Secretary Mike Kennealy in Gloucester on April 15th for the announcement of $63 million in new funding awards for 14 affordable housing projects across the Commonwealth. The Secretary was joined by Housing and Community Development Undersecretary (and CEDAC Board Chair) Jennifer Maddox, and CEDAC Executive Director, Roger Herzog, along with several state and local officials, and many representatives of the project sponsors receiving funding awards. The YMCA of the North Shore hosted this event in their beautiful new Gloucester facility, which also features an early education program supported by CEDAC’s affiliate, Children’s Investment Fund.
Led by the Mass Department of Housing and Community Development (DHCD), the awards will assist with the construction of 479 new units of affordable housing targeted to low-income households, with another 150 units designated for extremely low-income families or individuals often transitioning from homelessness. DHCD also awarded federal and state low-income housing tax credits, which are expected to generate over $200 million in equity to support both new construction and the rehabilitation of existing housing.
“With this round of affordable housing awards, we continue to expand the Commonwealth’s portfolio of new housing units to meet the needs of households of all income levels,” said Governor Charlie Baker in a press release. “As we continue to tackle the state’s housing crisis, these projects will result in meaningful progress toward our goal of enhancing access to safe, quality, and affordable housing across Massachusetts.”
“These projects are the result of key partners working together to produce needed new housing in Massachusetts and I’m excited we can provide important financial support to make these new units reality,” said Housing and Economic Development Secretary Mike Kennealy. “Affordable housing development is truly a team sport, and the cooperation and dedication to make these projects happen are incredible testaments to the strong affordable housing ecosystem in Massachusetts.”
“Today’s projects include a mix of new construction, historic rehabilitation, and transformative investments in our public housing stock. In Fitchburg and Springfield, we will see innovative, adaptive reuses of historic properties, and new construction will add vibrancy near the new Polar Park in Worcester,” said Housing and Community Development Undersecretary Jennifer Maddox. “We are incredibly proud to invest in projects that will invite new residents to communities, enhance neighborhoods, and ensure current residents can access stable, affordable housing. Here in Massachusetts, we have a strong network of affordable housing developers, funders, and advocates who have helped us bring thousands of new affordable units to the market over the last five years, and we look forward to continuing this work.”
“The projects announced in DHCD’s latest funding round represent the continued successes we are able to achieve through work with our non-profit partners and the Commonwealth,” said CEDAC Executive Director, Roger Herzog. “We remain committed to doing everything in our power to facilitate the creation of new affordable housing at a time of particularly acute need and look forward to working with Governor Baker and future administrations in service of that goal.”
CEDAC is proud to have committed a total of over $5.5 million in early stage predevelopment and acquisition financing to 7 of the 15 total projects announced, including these projects that secured DHCD funding awards:
- Chester Commons is an occupied 15-unit historic rehabilitation project located in Chester’s town center, a western Massachusetts community. CEDAC provided $400,000 in predevelopment financing and $655,000 in an acquisition loan for the project. The sponsor is the non-profit Hilltown Community Development Corporation, and DHCD will provide subsidy funds to support this project for older adults (55 and over) with an emphasis on accessibility.
- Fitchburg Arts Community is a historic adaptive re-use project located in Fitchburg. CEDAC provided $245,000 in predevelopment financing for the project. The non-profit sponsor is NewVue Communities. DHCD is supporting the project, located across the street from the Fitchburg Art Museum, with federal and state housing tax credits and subsidy funds. The city of Fitchburg will provide its own funds in support of Fitchburg Arts Community, a key project in its local economic development strategy. When complete, the project will offer 68 units of mixed income housing with a preference for artists. Forty-seven units will be available for artists or other households earning less than 60 percent of area median income (AMI), and 14 units further restricted for artists or other households earning less than 30 percent of AMI.
- The John J. Meany Affordable Housing development located in Gloucester is a new construction project specifically targeted for senior residents. CEDAC provided $586,666 in predevelopment financing for the project. The sponsor is the YMCA of the North Shore, who hosted the event. DHCD is supporting the project with federal and state low-income housing tax credits and subsidy funds. The city of Gloucester will provide funds of its own in support of the project which will offer 44 total units.
- Library Commons 2 is a 41-unit scattered site project located near downtown Holyoke. CEDAC provided $400,000 in predevelopment financing and $101,500 in an acquisition loan for the project. The sponsor is the non-profit Way Finders, Inc., and DHCD will support the project with federal and state low-income housing tax credits and subsidy funds. The city of Holyoke will also provide funds in support of Library Commons 2 and when complete, the project will offer 41 total units. Library Commons Phase I created and preserved 38 units of housing and was completed and leased up in August 2021.
- Island Parkside Phase 2 is a new construction project located in Lawrence. CEDAC provided $528,065 in predevelopment financing and $1,610,104 in acquisition loans for the project. The sponsor is the non-profit Lawrence Community Works, which will develop and own 40 affordable rental units built to PASSIVE House Standards. The first floor will include a youth and community center developed by Squash Busters Lawrence DHCD is supporting the 40 rental units with federal and state low-income housing tax credits and subsidy funds. The city of Lawrence will support Island Parkside Phase 2 with a commitment of HOME funds. Island Parkside Phase 1, also involving the new construction of 40 affordable rental units, is expected to be ready for occupancy in early 2023.
- 950 Falmouth Road is a new construction project located in Mashpee. CEDAC provided $550,000 in predevelopment financing. The sponsor is the nonprofit Preservation of Affordable Housing, and DHCD will support the project with subsidy funds. The town of Mashpee will support the project with funds of its own and when completed it will offer 39 total units.
- Maple Woods is a new construction project for seniors located in Wenham. CEDAC provided $447,500 in predevelopment financing. The sponsor is the non-profit Harborlight Community Partners, and DHCD will support the project with federal and state low-income housing tax credits and subsidy funds. When completed, Maple Woods — zoned through a lengthy Chapter 40B process– will offer 45 total units with services for seniors.
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.