BOSTON (November 17, 2022) – In INSITES this week, we are excited to share CEDAC’s lending results for the first quarter of Fiscal Year 2023 (July 1 – September 30, 2022). Our early-stage project lending will help to preserve or create over 900 units of affordable housing in 12 communities across Massachusetts. From Boston to Springfield, CEDAC works with community partners and state officials to ensure that the opportunities for accessible, affordable housing continue to proliferate at a time of acute need. With record high housing costs and ongoing challenges around homelessness facing us all, the projects we have assisted represent important milestones in our continued mission to create long-term housing options for those who need them most.
Of particular note, we are especially proud of our collaboration with Valley Community Development on the latest motel conversion project in Hadley. Building on the success of the recently completed Rodeway Inn conversion project, which saw the creation of 69 units of permanent supportive housing for individuals experiencing homelessness, CEDAC continues to seek new properties and partners for these conversions.
Featured image: A rendering of Asian CDC’s Parcel R-1 project in Chinatown
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.