Along with our partners Retirement Housing Foundation (RHF) and The Schochet Companies, we recently announced that CEDAC had committed more than $8.4 million in acquisition financing for the preservation of affordable housing in Attleboro. This funding commitment was made to RHF and The Schochet Companies to acquire Hillcrest Acres in Attleboro. The transaction was recently finalized, ensuring that this property will remain affordable going forward.
Preserving affordable housing is an important part of CEDAC’s mission. Hillcrest Acres was far along the path of conversion from affordable housing to market rate, but thanks to this acquisition, all 100 apartments will have long-term affordability restrictions. We’re pleased to congratulate Retirement Housing Foundation and The Schochet Companies on this important milestone that will preserve affordable units while protecting existing tenants from displacement.
The 100-unit property was constructed in 1974 and faced expiring affordability restrictions in 2019. CEDAC participated with Eastern Bank to provide the acquisition financing. Funding sources included program-related investments (PRIs) from both Bank of America and the John D. and Catherine T. MacArthur Foundation.
You can read more about this important affordable housing preservation victory here.