On behalf of the Executive Office of Housing and Livable Communities (EOHLC), the Community Economic Development Assistance Corporation (CEDAC) is pleased to announce a Request for Proposals for funding under the Small Property State Acquisition Fund (SPAF) Pilot Program.
This Pilot Program offers acquisition financing to eligible nonprofit housing organizations of up to $450,000 for the purchase of existing residential properties of 1-8 units. We will begin to accept applications on August 1, 2024 with an application deadline of September 13, 2024.
The SPAF Pilot Program guidelines and the application form can be found here. Applications should be submitted via email to spaf@cedac.org. You may also submit any questions on this Pilot Program to this same email address.
We look forward to working with you on this Pilot Program.
Small Property State Acquisition Fund (SPAF) Pilot Program Overview
The Small Property Acquisition Fund (SPAF) Pilot Program provides deferred payment loans to non-profit sponsors to support the acquisition of existing residential properties of 1-8 units. The goal of the program is to prevent displacement of tenants threatened by the forces of gentrification and to create long-term affordable rental and ownership housing by facilitating the acquisition of existing small properties by nonprofit corporations. SPAF loans are intended to supplement other acquisition soft loans administered by municipal or other affordable housing acquisition lenders. CEDAC has approximately $900,000 in ARPA funds available for this pilot round. SPAF loan amounts will be at least $225,000 and no larger than $450,000 per project. Loans will be for terms of 30-50 years and will not accrue interest.
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.
