CEDAC has underwritten and will support fourteen affordable housing projects that received funding awards in the most recent competitive round of affordable housing led by the Massachusetts Executive Office of Housing and Livable Communities (EOHLC). CEDAC also committed a total to date of $9,265,000 in early-stage financing to five of these projects, including:
Warren Hall Apartments, Boston: CEDAC provided $7.2 million in acquisition financing to Allston Brighton Community Development Corporation (ABCDC), as part of a joint venture with The Schochet Companies, to purchase the historic Warren Hall property in Brighton which will be preserved as affordable housing for the Allston-Brighton community. The property, built in 1879 and which previously held a bar on the premises where legendary band The Doors once performed, currently contains 33 apartments and 4,800 square feet of commercial space; the redevelopment will create 2 new accessible units. Thirty-three of the 35 units are designated as affordable housing, with 8 units set aside for residents with incomes at or below 30% of the AMI (Area Median Income).
Asbury Common, Hamilton: Asbury Common is a 45-unit affordable family rental project. The development is 100% affordable with 16 units restricted for residents at or below the 30% AMI threshold. CEDAC has supported this project since 2022 and provided $700,000 in a predevelopment loan to Harborlight Homes.
Marriner Mill 4B, Lawrence: Marriner Mill 4B is a 100% affordable, 76-unit development project stewarded by Lawrence Community Works with 21 of the units reserved for residents with incomes at or below 30% AMI. The 4B project is the second of two phases through which the large former mill building will be redeveloped. In total the ambitious initiative will create 148 new affordable housing units while preserving an important historic asset. CEDAC provided $904,500 in predevelopment funding for the project.
Residences at El Centro, Salem: North Shore Community Development Coalition (NSCDC) and North Shore Community Health Center (NSCH) have entered into a joint venture to develop this waterfront El Centro campus project. CEDAC provided a $515,000 predevelopment loan for the 48-unit senior housing development. The project is 100% affordable and is spread across two buildings which will connect the commercial section of the area with the revitalized Harborwalk. Additionally, 8 of the 48 units will be reserved for residents with incomes at or below 30% AMI, supported by project-based vouchers under the Massachusetts Rental Voucher Program, while the other 40 units will be reserved for residents with incomes at or below 50% AMI, supported by rent subsidies from the HUD 202 Funding for the Elderly program.
Saint Ann’s Senior Village, Wayland: CEDAC provided the Planning Office for Urban Affairs (POUA) with $400,000 in predevelopment funding for this development which will provide affordable housing to seniors. All of the project’s 60 units are affordable, with 15 of said units reserved for residents with incomes at or below 30% AMI.
