BOSTON (April 2, 2025) – CEDAC is pleased to announce that three nonprofit housing organizations have been awarded funding as part of the pilot round of the Small Property State Acquisition Fund (SPAF) Program.
The SPAF Program offers acquisition financing to eligible nonprofit housing organizations of up to $450,000 for the purchase of existing smaller residential properties of 1-8 units. This state capital funding is provided in the form of zero-interest deferred payment loans with 30-50 year terms.
“While we work to build the housing that Massachusetts residents need now and into the future, it is essential that we preserve and maintain the affordable housing we already have,” said Executive Office of Housing and Livable Communities Secretary Ed Augustus. “Every property that we can keep affordable and every family we can keep in an affordable home has an outsized impact in our communities. The Executive Office of Housing and Livable Communities is grateful to CEDAC and our nonprofit partners for the incredible work they do through the SPAF program to save affordable properties and keep people in their homes.”
“The SPAF Program will provide critical financing to nonprofit organizations to help them preserve existing tenancies in small residential properties and create long-term affordability for residents,” said CEDAC’s Executive Director, Roger Herzog. “We’re grateful for the partnership of Governor Healey, Secretary Augustus and the Administration as they continue to make affordable housing a top priority.”
The nonprofit housing organizations that will receive financing include:
- Boston Neighborhood Community Land Trust
- Chinatown Community Land Trust
- Dorchester Bay
Learn more about the SPAF award recipients here.
