Category: Housing
An Assessment of Boston’s Housing Cooperatives
BOSTON (January 25, 2023) – As the nation’s housing crisis escalates, affordable solutions feel scarce, especially in high-cost areas like Metro-Boston. Increasingly, attention is turning to income-restricted housing cooperatives as a permanent solution that offers stability for communities and an accessible path to homeownership for low-to-middle income residents. A new report sponsored by the Mayor’s Office of Housing and Community Economic Development Assistance Corporation (CEDAC) and produced by the Cooperative Development Institute was just released. The report highlights the CEDAC and the City of Boston’s historic and current efforts to promote cooperatives as an effective and permanent solution for the ongoing housing crisis.
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CEDAC Announces New Partners In Western Massachusetts To Expand Access To The Home Modification Loan Program
BOSTON (January 13, 2023) – CEDAC announced today that the Commonwealth of Massachusetts’ Home Modification Loan Program (HMLP) has reconfigured its “Western Massachusetts” area into four sub-regions in an effort to better reach and serve homeowners in these communities. HMLP is a state-funded loan program that provides no-interest loans to those in need of accessibility improvements to their homes.
Featured image: An array of HMLP borrowers and their featured home modification projects.
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HMLP Improves Regional Support in Western MA »
HMLP Improves Regional Support in Western MA
CEDAC and Valley CDC announce closing on $4.1 million acquisition of the Econo Lodge in Hadley
BOSTON (January 12, 2023) – The Community Economic Development Assistance Corporation (CEDAC) and Valley Community Development Corporation (Valley CDC) today announced that Valley CDC has completed the closing on its acquisition of the 63-room Econo Lodge in Hadley for conversion into 50 Permanent Supportive Housing apartments.
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CEDAC provides financing to build 235 housing units across Massachusetts
BOSTON (December 29, 2022) – The Baker-Polito Administration convened a Housing Roundtable discussion in Haverhill on December 8th and announced funding awards in the most recent competitive round for affordable housing across the Commonwealth.
The Community Economic Development Assistance Corporation (CEDAC) has partnered with the Department of Housing and Community Development (DHCD) and its other quasi-public state housing agencies on these new projects and is excited about its involvement as a provider of predevelopment and acquisition funding to five of the 14 total announced projects.
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CEDAC Announces Q1 FY23 Lending Results with Exciting New Projects
BOSTON (November 17, 2022) – 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.
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CEDAC early-stage funding in Q1 of FY23 will help create or preserve more than 900 units of affordable housing in 12 communities across Massachusetts
Projects stretch from Boston to Springfield with CEDAC commitments totaling $19 million
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Developers who want to convert EconoLodge in Hadley into affordable housing get $4.5M boost
New CDC Leaders: Listening Deeply with Keith Fairey, President and CEO of Way Finders
BOSTON (October 25, 2022) – The past decades have seen the steady rise and proliferation of Community Development Corporations (CDCs), organizations created with the goal of revitalizing neighborhoods that had fallen victim to economic hardship. Areas that had fallen into disarray following years of neglect were offered new opportunities to provide affordable housing for those in need as the cost of living continued to increase and reinvigorate their communities which had in many ways become disconnected.