AMPLIFY
Amplify is a new predevelopment loan program designed to break down traditional barriers of entry into the real estate development market by supporting small for-profit residential real estate developers in Massachusetts who are ready to build but lack access to early-stage capital.
Made possible through funding from MassHousing, Amplify is administered by CEDAC to help eligible developers cover early project costs, from feasibility studies and architectural work to legal services and environmental review, so they can move promising projects forward. Funded developers also receive ongoing technical assistance from CEDAC project managers throughout the predevelopment process.
Amplify is intended to help emerging, small for-profit residential developers by providing predevelopment financing for residential real estate development projects that they are actively pursuing in eligible Massachusetts communities. Amplify is also designed to expand the housing supply in Massachusetts, including housing for low- and moderate-income households.
To be eligible, a developer entity must meet the following requirements:
Social disadvantage:
At least one controlling individual (with at least 30% ownership interest) must meet the definition of socially disadvantaged. This may be demonstrated through long-term residency (five or more cumulative years) in an eligible Massachusetts geography, or through a brief statement documenting relevant social disadvantages such as economic insecurity, barriers to educational access, disability, or membership in a group historically subject to social prejudice. Eligible Massachusetts geographies include Gateway Cities, the City of Boston, and other designated cities, as well as Qualified Census Tracts outside of those cities.
Economic disadvantage:
– The combined liquidity of the developer individual and all controlling individuals together must be no more than $2,000,000
– The combined net worth of the developer entity and all controlling individuals must be no more than $15,000,000.
Minimum development experience:
The developer entity or a controlling individual must have completed at least one residential development of 5 or more units, or at least three developments of 2 or more units, or at least ten single-family homes.
To be eligible for Amplify predevelopment funding, real estate projects must meet the following requirements:
Minimum Size: At least 3 residential units.
Location: in an eligible location in Massachusetts
Affordable housing component: Eligible projects must include at least one unit, or 10% of units (whichever is greater), affordable to households at or below 100% of area median income. Projects serving households at or below 80% AMI will be given preference.
Applications will be accepted on a rolling basis. Commitments will be made considering both the strength and completeness of each application and the order received. CEDAC will make final eligibility and underwriting determinations through a holistic review of all information submitted.
For more detail on eligibility and program requirements, download the quick reference term sheet and the Amplify Program Guidelines.
Amplify is not designed for nonprofit developer entities. If you are a nonprofit, please visit our Nonprofit Application Forms and Guidelines page.
Learn More
If you’re interested in Amplify and want to find out whether it might be a fit for your project, we’d like to hear from you. Email us at amplify@cedac.org and include a phone number. A member of the CEDAC team will follow up.