CEDAC Early-Stage Funding in Q2 of FY2025 Will Help Create or Preserve Affordable Housing
in Communities Across the Commonwealth
Project funding totaled over $1.7 million in predevelopment and acquisition financing.
BOSTON (February 13, 2025) – The Community Economic Development Assistance Corporation (CEDAC) announced today that its early-stage project financing commitments during the second 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 $1,724,000 in acquisition and 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 Athol, Hadley, and Lawrence. With these second quarter financing commitments, CEDAC has approved commitments of about $25 million to 25 affordable housing projects for the first six months of FY2025.
“CEDAC’s lending activities during the second quarter helped to advance critical affordable housing projects that will increase the number of quality housing options for individuals and families in need” said CEDAC’s Executive Director, Roger Herzog. “We look forward to working closely with our non-profit community partners to provide financing and technical assistance support on similar projects throughout the remainder of the year.”
Examples of the housing projects under development assisted by CEDAC’s Q2 FY2025 loan commitments include:
- Bigelow-Riverbend Schools, Athol: NewVue Communities Inc. (NewVue) will utilize $200,000 in predevelopment lending from CEDAC to finalize its plan to redevelop the Bigelow-Riverbend Schools, historic elementary school buildings in Athol. The new building will hold a total of 53 units, with 33 units reserved for families and 20 one-bedroom units reserved for older adults (aged 55+).
- The Econo Lodge Redevelopment, Hadley: Valley Community Development Corporation (Valley CDC) plans to convert the Econo Lodge Motel in Hadley into 50 units of permanent supportive housing (PSH). The units will be broken down into 39 studio apartments and 11 one-bedroom apartments. CEDAC recently committed a $400,000 predevelopment loan increase to Valley CDC for the project, in addition to previously committing to the organization $4.1 million in acquisition financing and an initial $400,000 predevelopment loan, bringing the total funding amount to $4,900,000, which will help to create more affordable housing options in the Hadley community. This is one of several hotel conversion projects that CEDAC is currently assisting, with the plan to create PSH units for homeless individuals.
- Capernaum Place, Lawrence: Leveraging a $200,000 predevelopment loan from CEDAC, Lazarus House, Inc. plans to renovate Capernaum Place in Lawrence to increase the number of housing units from 20 to 25. Eighteen of the units will become permanent supportive housing with the remaining 7 units used as transitional housing.
About CEDAC
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.
