Summer 2019 Newsletter Executive Message

From the Desk of the Executive Director

Dear Friends,

Summer has just ended but it’s been a fruitful one. As you’ll see in our newsletter, the highlight of the year for affordable housing production and preservation occurred on July 18th with the announcement of funding awards in the annual rental housing funding round to 28 affordable housing projects in Massachusetts. CEDAC has committed early stage financing to nine of the projects that received awards, and we were thrilled to participate in this event that demonstrated the Baker-Polito Administration’s commitment to providing high-quality affordable housing to communities throughout the Commonwealth. We were also pleased to join Massachusetts Secretary of Housing and Economic Development Mike Kennealy in August as he made a special eight-day tour and stopped in multiple communities to highlight 25 affordable housing projects in various stages of development across Massachusetts. And we had the chance to celebrate CEDAC’s largest loan in our history with the Fenway CDC and its development partner Schochet Associates, City of Boston officials including Mayor Walsh, project residents, and lending partners: a $29 million acquisition loan to preserve 97 units of affordable housing at Newcastle/Saranac Apartments in Boston’s Lower Roxbury neighborhood.

Our newsletter also recaps several public presentations that CEDAC senior staff have participated in over the last several months, and important staff updates from the Massachusetts Department of Early Education and Care (EEC). And last, but certainly not least, our newsletter recaps CEDAC’s 40+ year history in a special video that features some of the people who have led us to where we are today, including community leader and former state representative Mel King, who sponsored the original legislation that established CEDAC in the late 1970s.

As we reflect on the last 40 years, we also celebrate the progress we’ve made over the past fiscal year. We’re pleased to report that in FY19, CEDAC committed over $26 million in early stage financing to non-profit community development organizations for 55 affordable housing projects, which will support the production or preservation of 2,820 housing units. This total annual lending includes $10.3 million in predevelopment loans, $14.8 million in acquisition lending, and $1.5 million in bridge loans. CEDAC provided technical assistance to 207 organizations for 354 affordable housing projects.  And our affiliate Children’s Investment Fund committed $920,000 in project financing to five child care providers and provided technical assistance to 67 organizations. Finally, the Home Modification Loan Program (HMLP) closed 237 home mod projects and disbursed $7.3 million in loan proceeds. Each home modification project helps Massachusetts residents make essential modifications that allow their household members with physical and cognitive limitations to remain at home by improving accessibility. You can read more about our FY19 results here.

Fall is here and the days are getting shorter, but we will continue to work hard with our non-profit partners to strengthen local communities. As always, thank you for your support. If you have any questions or comments, drop me a line at rherzog@cedac.org or 617-727-5944.

Thank you!

Roger Herzog
Executive Director