Today CEDAC announced that its early-stage project financing commitments during the third quarter of FY2025 will help to create or preserve affordable housing in communities across the Commonwealth. These projects will address a range of affordable housing needs including permanent supportive housing and new affordable housing production.
The total commitment of $2,250,000 in predevelopment financing to seven (7) projects will promote affordable housing development by community development corporations and other non-profit entities in communities throughout Massachusetts, including in Beverly, Boston, Cambridge, Leominster, Lynn and Malden.
With these third quarter financing commitments, CEDAC has approved commitments of over $27 million to 32 affordable housing projects for the first nine months of FY2025. This quarter in particular, CEDAC committed more than $200,000 in financing under a new decarbonization predevelopment loan program, offered in partnership with the Massachusetts Housing Partnership, made possible in part by a grant from The Boston Foundation. Under this pilot program, predevelopment loans are made available at a reduced (3%) interest rate to fund costs relating to decarbonization and climate resiliency, to support green retrofit of existing affordable housing and other buildings being converted to affordable housing use.
“CEDAC’s lending activities in the third quarter of 2025 helped to advance the development of a number of important affordable housing projects that will support individuals and families across Massachusetts,” said CEDAC’s Executive Director, Roger Herzog. “We look forward to continuing our financing and technical assistance work with non-profit community partners as these projects move forward into construction.”
Learn more about the projects here.
