Winter 2020 Newsletter Executive Message
From the Desk of the Executive Director
Dear Friends,
Happy New Year! CEDAC ended 2019 on a strong note, highlighting the important work we pursued preserving affordable housing, providing trainings to community development organizations throughout the state, and producing hundreds of new units throughout the Commonwealth. 2019 also marked our highest levels of loan commitments and disbursements – in September, we noted the robust demand for CEDAC’s early stage financing with over $50 million in predevelopment, acquisition, and bridge loan commitments. These loans are supporting an active and diverse pipeline of 99 nonprofit-sponsored affordable housing projects across the Commonwealth.
In this newsletter, we recap some key milestones and anniversaries we celebrated as we closed out 2019. In October, we shared that the Home Modification Loan Program had surpassed its 3000th loan during 2019, ensuring that many Massachusetts residents with physical and cognitive limitations remain in their homes and their communities.
Then in November, we focused on the 10-year anniversary of the passage of the state’s affordable housing preservation law, Chapter 40T, and the funding for housing preservation awarded by the John D. and Catherine T. MacArthur Foundation to CEDAC and DHCD. Both the 40T law and this philanthropic support have been so important to the Commonwealth’s successful housing preservation track record.
This issue also takes a look at some of the critical trainings we’ve offered to the Commonwealth’s community development and early education sectors. Over the summer, the Children’s Investment Fund hosted its “Let’s Take It Outside” training, which helps child care providers learn more about developing outdoor play spaces. This past October, CEDAC sponsored the “RAD For PRAC Forum,” which looked at how HUD’s Rental Assistance Demonstration can be used to preserve existing affordable housing for seniors.
Finally, we ended the year by celebrating the work of the Children’s Investment Fund. In November, we featured a reflection by Amy O’Leary –Board Member of the Children’s Investment Fund and the current director of Early Education for All, a campaign of Strategies for Children – on the significant role that the Fund has played in promoting high-quality early education and care. And then in December, we were excited to share the news about the latest round of grant recipients of the Early Education and Out of School Time (EEOST) Capital Fund – six child care providers from across Massachusetts were awarded $6 million by the Baker-Polito Administration and CEDAC.
This is just a sampling of the highlights of this busy year. You’ll learn more about these achievements in our Newsletter, as well as in our upcoming FY19 Annual Report. I’m pleased that we ended the year on such high notes in general, but as always, we know that a new year will bring both new challenges and new opportunities. We look forward to working with all of our partners to continue strengthening communities in 2020.
Thank you!
Roger Herzog
Executive Director