Over the past four decades, Massachusetts has established itself as a national leader in the production and preservation of affordable housing by its vibrant community development sector, and CEDAC has been an integral part of that accomplishment. For 48 years, CEDAC has provided early stage capital financing and technical assistance to non-profit, community-based developers seeking to build or preserve quality affordable housing. Our loan products deliver capital efficiently to acquire property, hire architects and other consultants critical to moving a development forward, and leverage permanent financing to move projects into construction.
Along with financing, our expert staff – many of whom have developed affordable housing with non-profit developers – offer technical assistance to our borrowers. We work with community development corporations and other non-profit developers, large and small, to plan and implement projects. Each year, CEDAC lends approximately $20 million in patient capital to 50 affordable housing developments that produce and preserve more than 2,400 affordable units on an annual basis.
CEDAC’s early stage financing supports investment in affordable housing, and in the neighborhoods that our community-based developers serve. Our loan products, technical assistance, and patient capital have stimulated the production or preservation of 45,000 housing units in cities and towns throughout Massachusetts. CEDAC’s predevelopment and acquisition financing supports a wide variety of projects, with sizes ranging from just a handful of units to well over 100, locations that include urban, rural, and suburban, in mixed-income, mixed-use, rental, and homeownership projects throughout the Commonwealth.
For over 35 years CEDAC has managed on behalf of HLC multiple state loan programs that use general obligation bonds to provide permanent financing for affordable supportive housing. These programs include the Housing Innovations Fund (HIF), the Facilities Consolidation Fund (FCF), and Community Based Housing (CBH). Through these programs, over 682 projects have been completed, producing more than 16,240 units of supportive housing. Our projects serve elders, veterans, homeless individuals and families, and persons with disabilities, and other residents who need supportive services as well as affordable housing.
Through our financing, technical assistance, and policy work, CEDAC plays a critical role in preserving affordable housing in Massachusetts. More than 4,000 units of affordable housing are preserved each year, in large part because of CEDAC financing through the Massachusetts Preservation Loan Fund and CEDAC’s technical skills to create innovative, effective policies to preserve existing affordable units.
Children’s Investment Fund and CEDAC to deploy predevelopment capital through new Child Care Needs and Design Assessment loan program Read more here
Massachusetts is investing in supportive housing that combines affordable homes with services to enable residents to lead stable, independent lives.
Affordable housing projects are moving forward in communities throughout Massachusetts — not at ribbon cuttings or groundbreakings, but much earlier, when ideas are still taking shape and critical decisions determine w...