CEDAC Grants $7M For Affordable Housing and Child Care Facilities

Tuesday, October 1, 2013
CEDAC Grants $7M For Affordable Housing and Child Care Facilities
Community Economic Development Assistance Corp. (CEDAC) has awarded $7.2 million in funding to various organizations across Massachusetts to develop and preserve affordable housing projects and child care facilities.
Nine projects in eight communities- Northampton, Framingham, Springfield, Boston (Dorchester and Jamaica Plain neighborhoods), Stow, Somerville, the Williamsburg/Chesterfield region in Western Massachusetts and Great Barrington-received loans. Of the $7.2 million total, organizations in Greater Boston received $525,000, while the MetroWest region was granted loans of $2.85 million and Western Massachusetts $3.8 million.
“Our non-profit community partners are actively working on projects for the preservation and development of affordable housing in Massachusetts, which is a good sign for families and individuals in need of quality housing,” Roger Herzog, CEDAC’s executive director, said in statement.
“The need to preserve quality affordable housing remains a statewide issue,” Herzog continued. “Over the past 18 months, we have seen several nonprofit organizations come forward to help preserve hundreds of affordable housing units across the Commonwealth. We are encouraged by that activity, and expect to see even more of it going forward.”
Projects include:
• $2.8 million to purchase the Tribune Apartments on Irving Street in Framingham, preserving 53 affordable units
• $2.4 million for preserve 34 units of affordable housing in Springfield at the Kenyon College Estates
• $1.1 million to develop 60 units of affordable housing on 1.23 acres of land at a former lumber yard Northampton

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URL: http://www.bankerandtradesman.com/news156778.html

SourceBanker & Tradesman

Loans to support new affordable housing, classroom space in Dorchester

July 17, 2013
Loans to support new affordable housing, classroom space in Dorchester
By Patrick D. Rosso, Town Correspondent
DORCHESTER – Two loans from the Community Economic Development Assistance Corporation totaling $940,000 were recently awarded to area real estate development organizations to support the creation of housing and classroom space in Dorchester, according to the agency.
Viet AID, a Fields Corner non-profit, will use a $665,000 loan to acquire land and develop affordable housing in the Four Corners neighborhood. The site, which is currently home to an auto body shop and nine vacant city-owned parcels, will eventually be turned into 35 residential units and 3,000 square-feet of ground floor retail space. Nine of the project’s units will be reserved for formerly homeless families.
“Viet AID is truly working hard to provide Dorchester with the basic building blocks of a strong community,” Roger Herzog, executive director of Community Economic Development Assistance Corporation, said in a statement. “CEDAC is happy to support Viet AID as it increases housing and child care opportunities in Dorchester, and provides formerly homeless families the necessary services and support they need.”
Viet AID also received a $150,000 loan from the Children’s Investment Fund, a Community Economic Development Assistance Corporation affiliate, to convert vacant office space in the Vietnamese Community Center in Fields Corner into classroom space.
The Dorchester Bay Economic Development Corporation also received $125,000 as part of the loan. The Uphams Corner based real estate development agency will use the funds to renovate its Cottage Brook property in Dorchester’s Uphams Corner neighborhood.
Consisting of 19 buildings, renovations to the development include energy efficiency improvements.
“In Dorchester Bay EDC, we see an experienced community development corporation that is capable of managing complex housing development projects,” Herzog said. “The availability of affordable housing options in this area is vital to the community’s growth and development. I am confident that through the efforts to improve and preserve the Cottage Brook property, DBEDC’s continued efforts will benefit the Dorchester community.

© 2013 NY Times Co.
URL: http://www.boston.com/yourtown/news/dorchester/2013/07/hold_loans_to_support_new_affordable_housing_and_classroom_s.html

SourceBoston Globe

Homeless project in Waban gets $40,000 loan

July 04, 2013

Homeless project in Waban gets $40,000 loan
By Evan Allen

Newton – Less than a week after Mayor Setti Warren of Newton announced he would block federal funding for a controversial homeless housing project in Waban, the public-private Community Economic Development Assistance Corporation announced it had approved a $40,000 loan to the developer.
“It’s good; it’s a vote of confidence in the project and in us,” said Jennifer Van Campen, executive director of Metro West Collaborative Development, which is developing the project, called Engine 6. “It helps us to continue moving forward.”
The corporation had already approved a $15,000 loan, but on June 27 the board voted to increase the amount.
“This type of housing is a high priority for the Commonwealth,” the corporation’s executive director, Roger Herzog, said Monday. “Providing permanent supportive housing for the formerly homeless is something that we need in many communities across the state, including Newton.”
Engine 6 would turn a historic firehouse on Beacon Street, currently in use as nonprofit office space, into housing units for nine formerly homeless people and one live-in staff member. The Pine Street Inn would manage the house.
Metro West estimated that the project would cost around $3.1 million, and had requested nearly $1.4 million in federal funds managed by the city in order to move forward. The Newton Housing Partnership and the city’s Planning and Development Board had voted to grant the money, and the request was set to go before the mayor for approval this past Tuesday after a public comment period.
But the idea of Engine 6 enraged some neighbors, who feared the home’s residents could endanger their children or aimlessly wander the streets causing trouble. Last Tuesday, Warren announced he would not grant funding because Newton needs more time to discuss the proposal. The city will hold workshops on affordable housing in the fall, and Warren said he was open to considering the project again at a later date.
Herzog said that though the board knew of Warren’s announcement when it voted to increase the loan, the decision to increase the grant was in the works for a while, and was not a direct response.
The $40,000 can be used for predevelopment costs, he said. Van Campen said the money would probably be used for environmental or architectural reviews.
Metro West has a purchase-and-sale agreement with the Hospice of the Good Shepherd to buy the firehouse, and the sale is scheduled to close Aug. 12. Despite Warren’s announcement, Metro West has vowed to press forward with the project.
A spokeswoman for the Pine Street Inn said early last week that without the support of the city, it could not move forward, but later said Pine Street was “leaving the door open” and would be happy to work with Newton and Metro West if the funding situation changed.

URL: http://www.bostonglobe.com/metro/regionals/west/2013/07/03/homeless-project-waban-gets-loan/K5p0dIIcWsIufjqDaK78xO/story.html
© 2013 The New York Times Company

SourceBoston Globe

Metro West, Pine Street willing to fight for Waban housing project

July 1, 2013

Metro West, Pine Street willing to fight for Waban housing project

By Trevor Jones

Newton – The developer behind the proposed redevelopment of the Engine 6 building into apartments for the chronically homeless isn’t giving up on the project, despite Mayor Setti Warren’s decision to withhold support for the project.

Jennifer Van Campen, executive director of Metro West Collaborative Development, told the TAB on Thursday that she was disappointed by the Warren’s decision to opt against granting $1.3 million in city-controlled federal funds toward the Engine 6 project.

“We understand and respect the mayor’s concerns and the concerns of the citizens,” said Van Campen. “We are happy to participate in a longer public discourse over the next few months if that’s what it takes to win people’s support.”

Warren, who last week said he “can’t support the allocation of funding for this proposal at this time,” wouldn’t rule out the possibility of backing the project in the future. “We are open to any and all proposals from Metro West and other developers,” Warren told the TAB Thursday.

Metro West is looking to spend $3 million to redevelop Engine 6, a former firehouse on Beacon Street in Waban owned by Hospice of the Good Shepherd. The Newton Housing Partnership and the Planning and Development Board voted to recommend the allocation of city-controlled funds, which would have allowed Warren to approve the funds any time after the close of a public comment period on July 2.

The proposal was presented in partnership with Pine Street Inn, which runs similar facilities in Boston and Brookline. Barbara Trevisan, a Pine Street spokesperson, said the project can’t go forward without the city’s support, but the nonprofit would be willing to come back to the table if Warren changes his mind.

“We can’t predict the future,” said Trevisan. “If things should change with funding, we would be more than happy to work to with Metro West and the city. We’re definitely leaving the door open.”

Metro West wants to build 10 studio apartments in the building, nine of which would be permanent housing for men and women who have lived on the street for more than a year and have a history of addiction, or mental or physical disabilities.


Reaction strong on both sides

The project has drawn strong criticism from residents who raised concerns about safety and impacts on the character of the neighborhood.

Yet a group of supporters has also emerged in the days since Warren withdrew his support. Residents Kathleen Hobson and Liz Baum have organized a group of 60 Newton residents called Supporters of Engine 6. Hobson expects the group to continue to grow.

On Monday, Metro West announced that the Community Economic Development Assistance Corporation (CEDAC) has increased a predevelopment loan from $15,000 to $40,000.

“The underserved population in Newton has had limited access to affordable housing and supportive services, and the proposed project will help to meet this need,” said Roger Herzog, Executive Director of CEDAC. “The Engine 6 project will focus on serving residents with ties to the Newton community, and providing them with quality housing options and guidance when needed. We have had a productive relationship with MWCD on two recent affordable housing developments and are looking forward to working with them on this vital project.”

Metro West submitted a funding request to the state earlier this year for the project, but it was rejected, according to Van Campen. She said the typical affordable-housing project gets rejected at least twice because of the high volume of applicants and the $1 million in state funding they are seeking likely wouldn’t come through until a third funding round in 2014.

The next application window with the state is in the fall, she said, and Metro West hopes to have the mayor’s backing by that time. If Warren doesn’t change his mind on the federal funding or at least endorse Engine 6, it could be too much of a hurdle for the developer.

“That could be the end of the project,” said Van Campen. “That said, we’d probably still continue to the best of our ability to seek other sources, but whether they could make up that big a difference remains to be seen.”

Van Campen and supporters of Engine 6 said they want to meet with Warren to explain why the project is a good one for the city – a request the mayor said he would be open to.

“My door is open to meet within anyone on this subject,” he said.

Warren continued his call for a community dialogue on this and other affordable-housing projects in the fall and said there wasn’t enough done to reach out to residents to inform them of the project and elicit feedback.

Warren’s decision to block the funding has drawn mixed reactions. Opponents of the project and those who still have questions praised Warren’s willingness to take a step back, while some supporters of Engine 6 have decried the move as caving to a vocal minority. Some have said the move came because Warren wanted to please affluent residents of Waban during an election season.

Politics had nothing to do with the decision, Warren said.

Alderman John Rice, who represents Waban, said it was a tough decision, but the right one. Rice said residents told him the project felt rushed and they had little time to make their concerns heard.

“We have a great opportunity right now to keep the dialogue going while there’s so much energy and emotion about it and turn it into something that could be a real positive for Newton,” said Rice.

Alderman Deb Crossley expressed disappointment that the public dialogue was ended abruptly. Crossley also represents Waban and helped arrange and run two public meetings on the project. A meeting on June 23 drew hundreds of residents and the discussion occassionally grew heated. Warren did not attend the June 23 meeting.

Candidates weigh in

Two likely candidates in November’s mayoral race also publicly criticized Warren’s decision.
Alderman-at-Large Ted Hess-Mahan issued a press release late last week calling for the mayor to reconsider his decision to withhold funding, saying it made “no sense” to cancel the public meetings and expressing concern that doing so sent the message that the city didn’t welcome affordable housing projects.

Tom Sheff said he agreed with Warren’s decision not to fund the project, but that public meetings should not have been cancelled.

“I wish the Mayor had allowed the discussion to happen,” Sheff told the TAB in an email Monday morning.

Warren defended his decision Monday.

“Since taking office, we have worked hard to change the tone and tenor of discussion on issues in our city, and we must continue to do so,” Warren said.

URL: http://www.wickedlocal.com/newton/news/x606637144/Metro-West-Pine-Street-Inn-willing-to-fight-for-Waban-housing-project?zc_p=0
Copyright © 2006-2013 GateHouse Media, Inc. Some Rights Reserved.

SourceWicked Local Newton

Affordable housing advocates celebrate purchase, preservation of 6 buildings

June 3, 2013
Affordable housing advocates celebrate purchase, preservation of 6 buildings
By Johanna Kaiser, Town Correspondent
Affordable-housing advocates last week celebrated the largest nonprofit affordable housing preservation sale in the state—one that has allowed a non-profit to preserve more than 800 affordable units.
Preservation of Affordable Housing, a non-profit that, purchased six affordable housing complexes from State Street Development Corporation last summer.
The six complexes located throughout the state consist of 841 affordable units for senior citizens and families.
“Today we’re celebrating the fact that this building and the five others in this portfolio will continue to serve as healthy, supportive, affordable housing for the long term,” Herb Morse, chairman of Preservation of Affordable Housing’s board of directors said during the celebration at the South End’s Franklin Square House, one of the buildings purchased by the organization.
“It’s truly a good preservation story, we succeeded in preserving and renovating more than 500 deeply affordable apartments for seniors in some of Boston’s highest cost neighborhoods.”
The other buildings include the Blackstone Apartments near Massachusetts General Hospital, the Kenmore Abbey Apartments in Kenmore Square, and complexes in Brewster, Orleans, and Hudson.
The Community Economic Development Assistance Corporation provided one of its largest preservation loans to date with a $1.8 million loan to Preservation of Affordable Housing allocated through the Massachusetts Preservation Loan Fund. It is also the largest affordable housing preservation transaction ever supported by MassHousing, the state’s housing finance agency.
Aaron Gornstein, the state’s undersecretary for Housing and Community Development, said the preservation of these affordable units is a cost effective way maintain affordable housing.
“It’s better for the taxpayers because it’s typically more cost effective to preserve the buildings we have and renovate them than to build new construction from scratch,” he said.
Besides praising the recent purchase and renovations, officials and advocates also stressed the importance of affordable housing in general.
“What were doing here today is not just preserving affordable housing, we’re preserving a place to live,” Barbara Fields, regional administrator for the Department of Housing and Urban Development. “A big chunk of what provides for good health is where you live and the social connections you have.”
Morse, of Preservation of Affordable Housing, also thanked the residents who stayed in their homes during renovation work.
“Our residents were really good sports, they cooperated with the workers, they helped each other out, they communicated to us—and believe me they communicated to us—when they saw room for improvement.”

© 2013 NY Times Co.
URL: http://www.boston.com/yourtown/news/south_end/2013/06/affordable_housing_advocates_c.html

SourceBoston Globe, South End edition

Money approved for housing project

Sunday, May 19, 2013
Money approved for housing project

WEBSTER — A Boston-based nonprofit has approved $400,000 in funding to renovate the former Sitkowski School into an affordable housing project.

The Community Economic Development Assistance Corp. has approved $400,000 in funding for the Neighborhood of Affordable Housing Inc. project to convert the former high school into a 66-unit development and community center for seniors, according to a press release from CEDAC.

“The development, known as the Sitkowski School Apartments project, will add to the continued revitalization efforts in Webster, while also providing affordable housing options for elderly residents,” the press release said. “Funding for this project was increased from $100,000 to $300,000 to assist NOAH in moving the project forward, now that it has received its state funding awards in February.”

CEDAC also approved renovations of a former school in Dorchester and a 4-acre site in Easthampton into affordable housing complexes.

URL: http://www.telegram.com/article/20130519/NEWS/305199991/1002/business
© 2013 Worcester Telegram & Gazette Corp

SourceWorcester Telegram & Gazette

New funds will help support renovations to South End and Roxbury affordable units

May 14, 2013
New funds will help support renovations to South End and Roxbury affordable units
By Patrick D. Rosso, Town Correspondent
ROXBURY, SOUTH END – After the commitment of funds from the Community Economic Development Assistance Corporation affordable units in the South End and Roxbury will be renovated.
Urban Edge Housing Corporation was awarded a $200,000 loan by the group to renovate its Walnut Washington Apartments in Roxbury and The Community Builders Inc. was awarded a $500,000 loan to redevelop its Historic South End Apartments, said a release from the group.
“We are thrilled to be working with these community-based organizations on such important projects,” Roger Herzog, executive director of CEDAC, said in a statement. “Each of these developments has served low income families and individuals for decades. CEDAC is proud to be able to help preserve these homes so that they may continue to benefit those in need for years to come.”
Urban Edge’s Roxbury units located near Egelston Square, were constructed in the 1920’s and consist of four buildings that hold 65-units. The loans will support the renovation of the buildings’ exterior and interior as well as “green” improvements.
The South End units, which have served local families for several decades, include 29 buildings that hold 146 units. Located close to the intersection of Massachusetts Avenue and Tremont Street, the loan will support accessibility upgrades to eight units.
“Organizations like Urban Edge and The Community Builders are focusing their efforts on improving existing developments for low income families, which is an important element to preserving affordable housing,” added Herzog. “By investing in these longstanding affordable housing developments, these communities are able to see that these developments are an essential part of the effort to strengthen their neighborhoods.”
The Community Economic Development Assistance Corporation is a private-public community development finance institution that provides technical assistance as well as pre-development lending and consulting.

URL: http://www.boston.com/yourtown/news/roxbury/2013/05/hold_new_funds_will_help_suppo.html
© 2013 NY Times Co

SourceThe Boston Globe, Roxbury Edition

Historic South End, Roxbury affordable housing to be preserved, renovated

May 14, 2013
Historic South End, Roxbury affordable housing to be preserved, renovated
By Johanna Kaiser, Town Correspondent
ROXBURY, SOUTH END – The Community Economic Development Assistance Corporation has approved two loans totaling $700,000 that will help organizations preserve and renovate two long-time affordable housing developments in the South End and Roxbury.
CEDAC has awarded a $200,000 loan to Urban Edge Housing Corporation so it can make necessary repairs and updates to the Walnut Washington Apartments in Roxbury.
The CEDAC has also approved a $500,000 loan to the Community Builders Inc. The non-profit will make renovations preserving and updating the Historic South End Apartments.
“We are thrilled to be working with these community-based organizations on such important projects,” Roger Herzog, executive director of CEDAC, said in a statement. “Each of these developments has served low income families and individuals for decades. CEDAC is proud to be able to help preserve these homes so that they may continue to benefit those in need for years to come.”
The Walnut Washington Apartments were originally built in the 1920’s and consist of four buildings blocks from Egleston Square. The complex, which has a total of 65 units, was last renovated two decades ago, and requires exterior and interior updates. “Green” improvements will also be made to the buildings to reduce energy costs and water consumption, and improve air quality.
The Historic South End Apartments development consists of 146 units in 29 historic buildings within a few blocks of Massachusetts Avenue and Tremont Street.
A majority of these units are traditional South End row homes, consisting of four or five apartments. Community Builders plans to modify eight units to improve their accessibility.
“Organizations like Urban Edge and The Community Builders are focusing their efforts on improving existing developments for low income families, which is an important element to preserving affordable housing,” Herzog said. “By investing in these longstanding affordable housing developments, these communities are able to see that these developments are an essential part of the effort to strengthen their neighborhoods.”

URL: http://www.boston.com/yourtown/news/south_end/2013/05/historic_south_end_roxbury_aff.html
© 2013 NY Times Co

SourceThe Boston Globe, South End Edition

Benfield developer requests tax agreement

Wednesday, January 30 2013

Benfield developer requests tax agreement

by Cecile Sandwen

Whereas most property in Carlisle is taxed on a market value, the Benfield developer has asked for an income-based approach for the as-yet-unbuilt Benfield Farms affordable senior housing. This is because affordability restrictions will limit rental income, and thus ability to pay taxes. All 26 units must be affordable. The Carlisle Board of Assessors (BOA) agree that the income method is reasonable, but will be reviewing the numbers carefully.

The Neighborhood of Affordable Housing (NOAH) will be the developer and manager of the affordable senior housing and has submitted a letter dated January 7 to the BOA requesting a preliminary tax determination. The letter is required in order to obtain financing, and would show that the town is in agreement on the methodology even though a determination of value cannot be finalized until the project is completed.

Based on the results from other towns, NOAH has projected income and expenses for the first stable year and proposed a value for FY15 of $1,313,013. A memo from Assessor Melissa Stamps indicated that at this level, estimated taxes would be $23,214 and the CPA surcharge at 2% would be $429.

It may surprise some that NOAH, a non-profit, would be paying taxes. A subsidiary for-profit, Benfield Farms Limited Partnership, will be the owner of Benfield in order to take advantage of low-income housing financing programs. As a result, the property will be taxable.

BOA Chair Jim Marchant said that he met with NOAH on January 28, and there are some issues still to be resolved. Marchant said that any agreement now could be changed once actual income and expenses are known. He noted, however, that there is currently no similar taxed entity in Carlisle, as Village Court is a non-profit. The board is conscious of the precedent that could be set for any future 40B projects.

The letter from NOAH also proposes enhanced services in lieu of taxes. A residential service coordinator would provide for “senior activities and needs that can assist tenants in the building and participant seniors in town.” Marchant noted that this and any other proposals will considered. He expects a letter outlining the agreement to be issued next week. NOAH hopes to complete financing and begin construction in the spring.

Loans announced

On January 17, The Community Economic Development Assistance Corporation (CEDAC) announced it will be providing loans in the amount of $514,000 for the project. “We are always thrilled to see progress in affordable housing production projects that help those in need,” said Roger Herzog, executive director of CEDAC. “The Benfield Farms project in Carlisle will provide local seniors in need with access to quality, affordable homes that will facilitate independent living.” The announcement noted this “will help build housing options in a region that lags behind other parts of the state when it comes to affordable housing.” ∆

SourceCarlisle Mosquito, The

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Community Economic Development Assistance Corporation Executive Director Roger Herzog signs #MASupportiveHousing MOU pic.twitter.com/kQjjCaqS

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