Tag: predevelopment financing

Baker-Polito Administration And CEDAC Award Funds To 11 New Supportive Housing Projects

CEDAC committed predevelopment or acquisition financing to 6 of these projects – BOSTON, July 20, 2022 – The Community Economic Development Assistance Corporation (CEDAC) is proud to serve as a financing partner in the production or preservation of 11 supportive housing projects announced during the Baker-Polito Administration’s most recent Supportive Housing funding round.

CEDAC housing team joins Secretary Kennealy, Undersecretary Maddox and Kate Racer at the supportive housing announcements in Worcester.

CEDAC committed predevelopment or acquisition financing to 6 of these projects

BOSTON, July 20, 2022 – The Community Economic Development Assistance Corporation (CEDAC) is proud to serve as a financing partner in the production or preservation of 11 supportive housing projects announced during the Baker-Polito Administration’s most recent Supportive Housing funding round. The new projects represent 437 units of supportive housing and will provide essential shelter and care for individuals and families in need across the Commonwealth. CEDAC committed a total of over $5 million in early-stage financing for the production and preservation of six of these supportive housing projects.

“CEDAC is proud to collaborate with the Baker-Polito Administration and our non-profit housing partners on these new developments, which come at a time of intense need as the Commonwealth faces an ongoing housing shortage that affects the most vulnerable members of our population,” said Roger Herzog, CEDAC’s Executive Director. “We look forward to continuing our work with Undersecretary Jennifer Maddox and her team at the Department of Housing and Community Development (DHCD) as we pursue our mission to increase housing accessibility for those in need.”

CEDAC provided predevelopment and/or acquisition loans to the following projects:

  • Warren Street Housing, Boston: Commonwealth Land Trust, Inc. acquired two buildings, located at 570 and 570R Warren Street in the Grove Hall section of Dorchester, for renovation. The developer will create 26 single room occupancy (SRO) units of permanent supportive housing for vulnerable individuals. The site is located one block from Blue Hill Avenue and one-half mile from Franklin Park. All units will be affordable to individuals at or below 50% of the area median income (AMI), including 13 reserved for formerly homeless individuals at or below 30% AMI. CEDAC provided a predevelopment loan of $300,000 for the project.
  • Manley Housing Resource Center (Phase 1), Brockton: Father Bill’s & Main Spring (FBMS) will renovate and expand the former U.S. Army Reserve Center at 124 Manley Street in Brockton, which has been vacant since 2015, to create the Manley Housing Resource Center (MHRC), a multi-use facility that will provide emergency shelter, wrap-around supportive services, and permanent supportive housing, all in one location. The MHRC will be developed in two phases. The first phase, which is the subject of this award, will consist of the renovation of the U.S Army Reserve Center into a 128-bed emergency shelter and a day program center with an on-site health clinic. A 1,500-square-foot addition will house case management offices and supportive service space. CEDAC provided a predevelopment loan of $400,000 for the project.
  • Catalyst Housing, Lynn: Harborlight Community Partners, Inc. (HCP) and The Haven Project (THP) have entered into a joint venture agreement to acquire and renovate the third and fourth floors of a historic loft building located at 57 Munroe Street in downtown Lynn. The partnership will create 23 studio units for formerly homeless unaccompanied youth and one studio resident manager unit. Twenty-three units will be affordable to youth earning less than 30% of area median income. CEDAC provided a predevelopment loan of $256,252 for the project.
  • 275 Chestnut Street, Springfield: In early 2020, Home City Development Inc. (HCDI) completed construction of 101 enhanced SRO units in the four upper floors of the former YMCA building located on Chestnut Street in Springfield. HCDI is now planning to purchase an additional section of the building and will use this space on the first and second floors to create 29 additional enhanced SRO units. CEDAC provided a predevelopment loan of $220,000 and committed acquisition financing of $350,000.
  • New Point Family Apartments, Salem: North Shore Community Development Coalition’s (NSCDC) project involves the acquisition and preservation of 18 units of naturally occurring affordable housing for families in three buildings in Salem’s Point neighborhood. The project will create long term affordability where none currently exists and will fund much needed capital improvements including enhanced energy efficiency. As the occupied units turnover, NSCDC will lease the apartments to homeless families and provide supportive services. CEDAC provided predevelopment loans totaling $437,100 and an acquisition loan of $2,874,400.
  • Gordon H. Mansfield Veterans Community, Tewkesbury: Soldier On, Inc. entered into a development agreement to purchase a 1.5-acre parcel of land at 1660 Main Street in Tewksbury to construct 21 units of permanent supportive housing for veterans who are homeless or at risk of homelessness. The project will consist of 18 one-bedroom units and three studios all affordable to households earning less than 80% of area median income, including six restricted for households earning less than 30% of area median income. CEDAC provided a predevelopment loan of $225,000.

CEDAC works with DHCD on all 11 of these funded supportive housing projects through its management of several state bond programs.

About CEDAC

CEDAC is a public-private community development financial institution that provides project financing and technical expertise for community-based and other non-profit organizations engaged in effective community development in Massachusetts. CEDAC’s work supports two key building blocks of community development: affordable housing and early care and education. CEDAC is also active in state and national housing preservation policy research and development and is widely recognized as a leader in the non-profit community development industry. For additional information on CEDAC and its current projects, please visit www.cedac.org.

Featured images: a rendering of Manley Street Housing project; CEDAC housing team with Secretary Kennealy, Undersecretary Maddox and Kate Racer.

Mass. Nonprofits Share $11.5M to Bolster Affordable Housing

August 16, 2021 — Nonprofits across Massachusetts, in collaboration with community development corporations and others, recently were awarded $11,578,537 to support affordable housing developments in cities and towns from Boston to Northampton.

“These commitments, which represent a strong second quarter of lending activity, support a variety of affordable housing projects that are tailored to the needs of the community,” said Roger Herzog, executive director the Boston-based Community Economic Development Assistance Corporation, a public-private community development finance institution.

“We are proud to support our non-profit development partners as they create affordable and supportive housing for families, seniors, and veterans. These projects will help ensure that some of our most vulnerable populations have a safe, affordable place to call home.”

Receiving funding were the following:

  • Caribbean Integration Community Development, Mattapan: $750,000 to create 30 units of affordable, supportive housing for seniors, with 11 units designated for households at or below 30% of area median income (AMI). 
  • The Community Builders, Boston: $1 million predevelopment for the first phase of a major public housing redevelopment in Jackson Square. 
  • The Community Builders, Worcester: $400,000 in predevelopment financing to subdivide a 36,595-square-foot acre lot from the existing Fruit Sever Apartments site and construct 49 new affordable apartments. 
  • The Neighborhood Developers, Chelsea: $500,000 in predevelopment financing to acquire a vacant site one block from the MBTA Silver Line Station and create 66 affordable family units. 
  • North Star Family Services, Leominster: $100,000 in predevelopment financing to purchase an undeveloped site to will create 14 units of permanent supportive housing for formerly homeless families. 
  • Soldier On, Tewksbury: $225,000 in predevelopment financing to purchase an undeveloped parcel, to construct 21 units of permanent supportive housing for veterans who are homeless or at risk of homelessness. 
  • Valley Opportunity Council, Chicopee: $290,000 in predevelopment financing to renovate a vacant historic school building to develop into 25 rental units along with 43 parking spaces. 
  • Valley Community Development Corporation, Northampton: $225,000 in predevelopment financing to combine the preservation of an existing 8-unit project on School Street with the creation of 24 new affordable townhouses on Laurel Street. 
  • VietAID, Boston: $926,000 in acquisition and $250,000 in predevelopment financing Vietnamese American Initiative for Development intends to purchase three lots in Dorchester’s Bowdoin-Geneva neighborhood, where they plan to construct 38 units of permanent supportive housing for older adults.

SourceMassnonprofit News

MassHousing Closes on $2.8 Million in Financing for New Workforce Housing in Northampton

MassHousing has closed on $2.8 million in affordable workforce housing financing to The Community Builders for the ongoing construction of the 12-unit 35 Village Hill Road in Northampton. Valley Community Development Corporation is the project co-sponsor.

The new housing, which is being developed on the site of the former Northampton State Hospital, will feature 10 workforce housing apartments for moderate-income households and two deeply affordable units for clients of the Massachusetts Department of Mental Health (DMH).

“MassHousing is pleased to support The Community Builders and Valley Community Development in their transformation of a vacant lot into new homes for working households and residents in need,” said MassHousing Executive Director Chrystal Kornegay. “We’re happy that these new homes will serve working and disabled households for many years into the future.”

“The Community Builders is excited to once again be expanding housing opportunities at Village Hill in Northampton. Our organization is committed to building strong communities where all people can thrive. We are grateful to MassHousing and our other state and local partners who help us make this work possible” said TCB Director of Development Rachana Crowley.

“Valley Community Development is proud to be part of increasing the economic diversity of housing options at Village Hill,” said Valley’s Executive Director Joanne Campbell.

The 12 new apartments will be contained in one building, which will also have first-floor commercial space. Ten of the apartments at 35 Village Hill Road will be workforce housing units affordable to moderate-income households. Six of the workforce housing units will be deed-restricted for households earning at or below 120 percent of the Area Media Income (AMI), and four will be workforce units for households earning at or below 80 percent of AMI. Additionally, two units will be deeply affordable for DMH clients and will be supported by federal Section 8 project-based vouchers. The AMI for Northampton is $76,000 for a household of four.

There will be two studio apartments, six one-bedroom apartments and four two-bedroom apartments. Construction is expected to be completed in September.

MassHousing is providing TCB with $1.4 million in permanent financing, and $1.4 million in workforce housing funding from the Agency’s Workforce Housing Initiative.

In addition to the MassHousing financing, the Massachusetts Department of Housing and Community Development (DHCD) is providing the project-based vouchers and $1.5 million in direct support. The project also received $1.3 million in funding through the Community Scale Housing Initiative (CSHI), a joint initiative of DHCD and MassHousing that funds smaller-scale affordable rental developments.

The Community Economic Development Assistance Corporation (CEDAC) is providing $360,000 in financing, the City of Northampton contributed $200,000 in local Community Preservation Act funding and Citizens Bank is providing $2.5 million in construction financing.

35 Village Hill Road advances the Baker-Polito Administration’s goal of creating up to 1,000 new workforce housing units affordable to middle-income households through MassHousing’s Workforce Housing Initiative. Since the inception of the initiative in 2016, MassHousing has committed or closed workforce housing financing totaling $98.2 million, to 45 projects, located in 21 cities and towns. To date, the Workforce Housing Initiative has advanced the development of 4,030 housing units across a range of incomes, including 1,096 workforce housing units.

The general contractor is Western Builders. The architect is Davis Square Architects and the management agent is TCB.

MassHousing has financed five rental housing communities in Northampton totaling 642 units of housing with an overall original loan amount of $33.4 million and the Agency has also provided home mortgage loans to 427 homebuyers and homeowners with an original purchase principal balance of $31.2 million.

SourceBoston Real Estate Times

Pelham affordable housing project gets some seed funding

A project to bring 34 affordable housing units to an Amherst Road property that features a former fly rod factory building and farmhouse is moving forward.

The Community Economic Development Assistance Corp. of Boston announced Wednesday that it would commit $200,000 in predevelopment financing, through a loan to Home City Development Inc. of Springfield, for what would be known as Amethyst Brook Apartments.

The $12 million project in West Pelham could be the first in town developed under the state’s Chapter 40B comprehensive zoning law, which allows affordable housing projects to be permitted that otherwise would not be allowed under town zoning.

The 9½-acre site at 18 and 22 Amherst Road includes the farmhouse and several outbuildings, along with the small factory building, occupied by book publisher HRD Press, on the brook where the Bartlett Rod Shop Co. once operated. The adjacent stone dam, which had been part of the waterway since 1820, was decommissioned by the state in 2007 and demolished in 2012.

The farmhouse will be converted into six apartments, while the other buildings will be demolished and replaced with a new 28-unit building. On-site parking will be available for 49 vehicles.

To meet affordability, the units would be rented at 60% of median area income or less, which for a family of four means earning $53,000 or less annually.

The developer will dedicate five acres as conservation land.

Tilman Lukas, chairman of the Pelham Housing Committee, said his committee has been supportive of having an affordable housing project such as this, calling it a unique chance for families, couples and senior citizens.

“In my opinion, this is a project to bring the community a lot of affordable units,” Lukas said.

In fact, the committee conceived the project, which is within walking distance of the Pelham Elementary School and Pelham Library, and close to the Amherst town line.

Plans currently show 24 one-bedroom apartments, seven two-bedroom apartments and three three-bedroom apartments. Lukas said the town and developer could also enact a local preference to ensure people already living in Pelham could live at Amethyst Brook.

Lukas said Home City has sent a project eligibility letter to the Department of Housing and Community Development and anticipates applying for chapter 40B funding later this year. The project would also rely on the low-income housing tax credit financing program.

Town Meeting this spring could be asked to commit Community Preservation Act money, up to $500,000, to the project.

Even if all financing and permitting goes off without a hitch, the project likely wouldn’t break ground until 2022, Lukas said.

Roger Herzog, executive director of Community Economic Development Assistance Corp., said in a statement that rural communities need affordable housing, but have fewer opportunities than larger towns and cities to get such projects completed.

“We are excited to support the efforts of an excellent nonprofit housing developer, in partnership with local residents, to develop much-needed affordable housing in Pelham,” Herzog said.

SourceDaily Gazette Hampshire

WinnCompanies joins with state and city officials to announce plans for $38.3 million mixed-income development in Lowell

WinnCompanies, an award-winning multifamily development and management company, today joined with Massachusetts Lt. Gov. Karyn Polito, state and Lowell city officials to unveil plans for a $38.3 million residential construction project in the Hamilton Canal Innovation District, a collection of 17 parcels master-planned to transform the primary gateway of downtown Lowell.

Building on vacant, side-by-side parcels separated by Canal Street, WinnDevelopment will create two five-story buildings with 125 apartments and 5,000 square feet of commercial space. It will be a true mixed income project—54 workforce apartments will rent at 100 percent of Area Median Income (AMI); 39 units will be affordable up to 60 percent of AMI; and, 32 apartments will rent at market rates.

“We’re pleased to be moving ahead with a development featuring a sizable component of workforce housing, which seems appropriate for the city seen as the cradle of the Industrial Revolution in America,” said WinnDevelopment President Larry Curtis. “This project will add a new twist to our long track record of delivering innovative mixed-income, mixed-use communities that contribute to the vitality and the economy of Lowell.”

(left to right): Lowell Mayor William Samaras, Lowell City Manager Eileen Donoghue, Massachusetts State Rep. David M. Nangle, Massachusetts Lt. Gov. Karyn Polito, WinnCompanies Executive Vice President Michael O’Brien and WinnDevelopment President Larry Curtis.

The Lowell City Council cleared the way for the project on Tuesday night, unanimously voting to approve Urban Center Housing Tax Increment Financing (UCH-TIF) under a new state program designed to promote multifamily housing in urban centers. Construction is expected to begin in late December 2019 and be completed in December 2021.

“These are fun places to live. There’s a lot going on. There’s a vibe in the downtowns of these old industrial cities because of this collaboration and the willingness of all of you to take the chance, to take the risk, and move forward,” said Lt. Gov. Karyn Polito. “This is a best-of-everything project because you a mixed use project combining commercial and housing together, but it’s also mixed income. To have workforce housing, affordable housing and market rate housing all together is a really great accomplishment. It’s something to the core that WinnCompanies fully embraces.”

Construction will be financed with equity generated by Bank of America’s purchase of federal and state Low-Income Housing Tax Credits; a construction loan from Bank of America; a first mortgage and Workforce Housing funds from MassHousing; financing from the Massachusetts Department of Housing & Community Development under the state’s Affordable Housing Trust Fund, Housing Stabilization Fund and HOME program; financing from the Community Economic Development Assistance Corporation in the form of the Facilities Consolidation Fund and the Community-Based Housing program; Opportunity Zone investment and developer equity from WinnCompanies; and, funds from the Massachusetts Clean Energy Center and MassSave, both dedicated to advancing energy efficiency and clean technology.

The City of Lowell is supporting the project with HOME program funds, the UCH-TIF plan, and infrastructure investments in and around the 51,000-square-foot site.

“The City has made significant investments to put in place the infrastructure needed to support private development in the Hamilton Canal Innovation District. We are pleased that WinnCompanies has put forward a project that will capitalize on these investments and that will help meet the demand for more safe and energy-efficient housing in Lowell in a way that will also stimulate commercial growth in this key area,” said City Manager Eileen Donoghue. “This announcement marks the continuation of a positive partnership between WinnCompanies and the City that has been successful in developing high quality projects that advance our economic development goals.”

WinnDevelopment Project Director Matthew Curtin will lead the development team, which features Keith Construction; ICON Architecture; landscape architect Copley Wolff Design Group; interior designer Wolf in Sheep Design; civil engineer Vanasse Hangen Brustlin, Inc. (VHB); and, structural engineer Odeh Engineers. Deirdre Robinson, a partner at Sullivan & Worcester, serves as legal counsel for the project.

“I am thrilled to see additional private investment in the Hamilton Canal Innovation District. Bringing mixed-use developments to this area is important to ensure that our downtown continues to grow and thrive into the future,” said Lowell Mayor William Samaras.

The development will offer 15 studio apartments, 63 one-bedroom apartments and 47 two-bedroom apartments. The two residential buildings will be linked to each other by an enclosed sky bridge spanning Canal Street, a nod to Lowell’s history when similar connectors joined industrial mill buildings. The sky bridge will also compliment the new signature bridge the city recently built over the lower Pawtucket Canal.

Ambitious Energy Performance Goals

The complex will be designed, built and operated to achieve stringent energy performance goals, including certification through both Energy Star Homes and Enterprise Green Communities.

The environmentally responsible design and construction will feature high-efficiency air source heat pumps for heating and cooling, high performance building envelope details, including robust exterior wall and roof insulation, ENERGY STAR windows, LED lighting, ENERGY STAR appliances, and balanced ventilation with energy recovery for healthy indoor air quality and maximum efficiency.

Final Enterprise Green Communities certification will be achieved post-construction, following rigorous inspections, performance testing and verification provided by Boston based non-profit New Ecology Inc.

Critical incentive funding made available through the Massachusetts Clean Energy Center and MassSave Residential New Construction Program will support added construction costs associated with the project’s HVAC systems and building envelope design, which were designed and selected to reduce the project’s carbon emissions and long-term energy efficiency goals.

Located a half mile from the Lowell Connector with direct access to Route 495 and Route 3, the apartment community will be adjacent to a new 900-space parking garage that is under construction to serve downtown businesses and the new Lowell Justice Center regional court facility scheduled for completion in fall 2020. Residents also will be within walking distance of downtown retail business, a commuter rail line and bus routes served by the Gallagher Intermodal Terminal, as well as downtown retail businesses.

Lowell hosts the single largest concentration of properties owned by WinnCompanies in the United States. In addition, more than 100 company executives and accounting team members work at its regional headquarters in Boott Mills.

A member of the Lowell business community for nearly 25 years, WinnCompanies currently owns and manages seven award-winning residential properties featuring 572 apartments and condominiums, as well as 88,000 square feet of commercial space. The company’s property management arm, WinnResidential, manages an additional 250 apartments in the city.

About WinnCompanies

WinnCompanies is an award-winning national developer and manager of high-impact affordable, middle income and market rate housing communities. Supported by 3,500 team members, the company acquires, develops and manages affordable, senior, mixed-income, market rate, military and mixed use properties. Founded in 1971 and operating in 22 states and the District of Columbia, WinnCompanies is one of the nation’s leading multifamily housing managers with 100,000 units under management. It is the country’s largest manager of affordable housing and the second largest manager of privatized U.S. military housing.

SourceYield PRO Magazine

WinnCo Unveils $38.3 Million Workforce Housing Project in Lowell

WinnCompanies, a multifamily development and management company, joined with Massachusetts Lt. Gov. Karyn Polito, state and Lowell city officials to unveil plans for a $38.3 million residential construction project in the Hamilton Canal Innovation District, a collection of 17 parcels master-planned to transform the primary gateway of downtown Lowell.

Building on vacant, side-by-side parcels separated by Canal Street, WinnDevelopment will create two five-story buildings with 125 apartments and 5,000 square feet of commercial space. It will be a true mixed income project – 54 workforce apartments will rent at 100% of Area Median Income (AMI); 39 units will be affordable up to 60% of AMI; and, 32 apartments will rent at market rates.

“We’re pleased to be moving ahead with a development featuring a sizable component of workforce housing, which seems appropriate for the city seen as the cradle of the Industrial Revolution in America,” said WinnDevelopment President Larry Curtis. “This project will add a new twist to our long track record of delivering innovative mixed-income, mixed-use communities that contribute to the vitality and the economy of Lowell.”

The Lowell City Council cleared the way for the project on Tuesday night, unanimously voting to approve Urban Center Housing Tax Increment Financing (UCH-TIF) under a new state program designed to promote multi-family housing in urban centers. Construction is expected to begin in late December 2019 and be completed in December 2021.

“These are fun places to live. There’s a lot going on. There’s a vibe in the downtowns of these old industrial cities because of this collaboration and the willingness of all of you to take the chance, to take the risk, and move forward,” said Lt. Gov. Karyn Polito. “This is a best-of-everything project because you a mixed use project combining commercial and housing together, but it’s also mixed income. To have workforce housing, affordable housing and market rate housing all together is a really great accomplishment. It’s something to the core that WinnCompanies fully embraces.”

Construction will be financed with equity generated by Bank of America’s purchase of federal and state Low-Income Housing Tax Credits; a construction loan from Bank of America; a first mortgage and Workforce Housing funds from MassHousing; financing from the Massachusetts Department of Housing & Community Development under the state’s Affordable Housing Trust Fund, Housing Stabilization Fund and HOME program; financing from the Community Economic Development Assistance Corporation in the form of the Facilities Consolidation Fund and the Community-Based Housing program; Opportunity Zone investment and developer equity from WinnCompanies; and, funds from the Massachusetts Clean Energy Center and MassSave, both dedicated to advancing energy efficiency and clean technology.

The City of Lowell is supporting the project with HOME program funds, the UCH-TIF plan, and infrastructure investments in and around the 51,000-square-foot site.

“The City has made significant investments to put in place the infrastructure needed to support private development in the Hamilton Canal Innovation District. We are pleased that WinnCompanies has put forward a project that will capitalize on these investments and that will help meet the demand for more safe and energy-efficient housing in Lowell in a way that will also stimulate commercial growth in this key area,” said City Manager Eileen Donoghue. “This announcement marks the continuation of a positive partnership between WinnCompanies and the City that has been successful in developing high quality projects that advance our economic development goals.”

WinnDevelopment Project Director Matthew Curtin will lead the development team, which features Keith Construction; ICON Architecture; landscape architect Copley Wolff Design Group; interior designer Wolf in Sheep Design; civil engineer Vanasse Hangen Brustlin, Inc. (VHB); and, structural engineer Odeh Engineers. Deirdre Robinson, a partner at Sullivan & Worcester, serves as legal counsel for the project.

“I am thrilled to see additional private investment in the Hamilton Canal Innovation District. Bringing mixed-use developments to this area is important to ensure that our downtown continues to grow and thrive into the future,” said Lowell Mayor William Samaras.

The development will offer 15 studio apartments, 63 one-bedroom apartments and 47 two-bedroom apartments. The two residential buildings will be linked to each other by an enclosed sky bridge spanning Canal Street, a nod to Lowell’s history when similar connectors joined industrial mill buildings. The sky bridge will also compliment the new signature bridge the city recently built over the lower Pawtucket Canal.

SourceBoston Real Estate Times

Merrivista to add senior housing

Bethany Community Services plans to expand its Merrivista senior housing complex on Water Street with the addition of 62 affordable, age-restricted apartments, with 16 units designated for extremely low-income households.

The project recently received a $200,000 predevelopment loan from the Community Economic Development Assistance Corporation or CEDAC.

Bethany operates Merrivista senior housing at 100 Water St., Phoenix Row apartments at 22 Phoenix Row in Washington Square and Mission Towers at 180 Water St.

Jered Stewart, president and CEO of the nonprofit Bethany Community Services, said all three properties currently have long waiting lists of seniors looking for affordable apartments and that the expansion of Merrivista will help meet a significant need for senior housing.

“CEDAC is providing us with resources that we can’t obtain from traditional lenders,” Stewart said.

He said the proposed 62-unit project will be connected to the existing Merrivista building — a 150-unit affordable senior housing complex — through a sky bridge that will provide residents with access to a library, hair salon, dining room, and additional support services.

The project will also feature a 5,000 square foot health and wellness center operated by Bethany.

Stewart said the health and wellness center will be available to all Merrivista residents.

“This is a great thing for the city,” Mayor James Fiorentini said, noting that almost daily, he hears from senior citizens who ask for his help in finding an affordable place to live. “This is just what we need and whatever the city can do to assist, we’re all for it.”

The Merrivista expansion is estimated to cost between $17 and $20 million. Construction could begin in 2022 or 2023, depending on financing approval, Stewart said.

CEDAC has also committed $200,000 to the North Shore Community Development Corporation (NSCDC), which plans to redevelop two former Catholic schools on either side of downtown Salem, Mass, into mixed-income rental housing, including units for affordable to low- and moderate-income residents.

“CEDAC is proud to support both of these projects, which will provide much-needed affordable housing opportunities to Haverhill and Salem,” said CEDAC’s executive director Roger Herzog. “We are glad to see a variety of housing options that will benefit local residents, including supportive housing for seniors.”

Bethany held a gala fundraising event Oct. 10 at the Bradford Country Club that kicked off its capital campaign for the Merrivista expansion.

More than 160 people attended the event, which featured a silent auction, a meal and live music.

To donate to the Merrivista expansion, visit online at bethanycommunities.org/ways-to-give.

CEDAC is a public-private community development finance institution that provides financial resources and technical expertise for community-based and other non-profit organizations engaged in effective community development in Massachusetts.

CEDAC’s work supports two key building blocks of community development: affordable housing and early care and education. CEDAC is also active in state and national housing preservation policy research and development and is widely recognized as a leader in the non-profit community development industry. For additional information on CEDAC and its current projects, visit cedac.org.

SourceThe Eagle-Tribune

Unusual partners are working to build much-needed affordable housing in Chinatown

Could a parking garage lot in the heart of the Theatre District be a guide to the future of Chinatown?

A rare coalition of for-profit and nonprofit developers are betting millions that the answer could be, surprisingly, yes. But that’s getting a little ahead of the story.

The development giant Millennium Partners Boston has joined forces with the Chinatown-based Asian Community Development Corporation to build 168 units of affordable housing on a small lot nestled between the Boch Center, a hotel, and Tufts Medical Center. The project, once completed, figures to bring desperately needed affordable housing to Chinatown, a neighborhood where both housing and land are scarce.

That only hints at its importance to a community facing encroachment by development on all sides and running out of places where its predominantly immigrant, low-income residents can live.

“In Chinatown, where we really have very, very little land left, we want to do as much as possible,” said Angie Liou, executive director of Asian Community Development. “This is really a rare opportunity.”

The piece of land to be developed, known as Parcel 12, is owned by the Boston Planning and Development Agency, and the Chinatown community has eyed it for years as a spot that should be put to much better use. Plans and promises for the parcel have come and gone since at least the 1980s, Liou said. But community groups don’t have the cash to pull off major development projects, and the big developers were otherwise occupied.

Then something unexpected happened. As part of Millennium’s deal to redevelop the decrepit Winthrop Square Garage into a major office and condo tower, the company was required to pay for 1110,000 square feet of affordable housing. Under city policy, developers can — and often do — satisfy their obligation by simply writing a check to the BPDA. But the developers didn’t want to just write a check.

“We’re kind of sick of just paying into the process,” said Joe Larkin, principal of Millennium Partners Boston. “When we looked at all the millions of dollars we’ve paid in the past . . . we’ve become such an appreciator of the city that we — myself and our partners and investors — really wanted to do something more.”

“Something more” quickly became forming a partnership with the Asian CDC and finally making the long-delayed plans to build some affordable housing on Parcel 12 a reality.

“Angie literally identified the site for us,” Larkin said. “We thought in Chinatown we could do something really cool.”

For Millennium — whose projects include the Ritz-Carlton on Avery Street and the Millennium Tower in Downtown Crossing — affordable housing was a new and significantly different arena. Liou is helping to guide the rich folks through the maze of regulations and approvals, while hoping to secure more city and state funding in the process.

The current timetable calls for breaking ground in early 2021, with a two-year construction timetable. As for who will live there, the city will eventually hold a lottery to determine who gets the units. Liou says 4,000 applicants are typical for 100 units of affordable housing — a testament to the need, in Chinatown, and beyond.

Those applicants will face long odds — a realization that gave Larkin pause.

“To tell you how this relationship works, the first thing I thought of was how 100 families are going to have their lives changed. And Angie said me, ‘Yeah, and there’s going to be 3,900 families that are going to be disappointed.’ That was what hit me the hardest, how huge the need is.”

The problem of housing isn’t going to be solved by one project, of course. But any solution will require collaboration and creativity — and this unusual partnership has plenty of both. Two organizations separated by a few blocks — and untold millions in resources — have found common ground. And they’re building on it.

SourceThe Boston Globe

Way Finders secures $23M in final funding for Library Commons in Holyoke; groundbreaking Oct. 24

Way Finders will break ground Oct. 24 on Library Commons — 38 affordable, multifamily housing units in the Chestnut Street neighborhood.

Way Finders, a nonprofit developer formerly known as HAP Housing, secured $23 million from the Massachusetts Housing Investment Corporation (MHIC), the final funding needed for the project.

“We are pleased to work with our long-time partner Way Finders to build on the progress made with revitalization the Holyoke Public Library,” stated Joe Flatley, MHIC’s president. “We are confident that new housing opportunities with access to jobs, education and entertainment, will further stabilize the neighborhood and improve the lives of its residents.”

Way Finders plans to rehab two vacant historic buildings near the Holyoke Public Library and demolish a crumbling structure and replace it with a new complex.

“After much planning and investment from our staff, partners, and the community, Way Finders is thrilled to be bringing these beautiful buildings back to life and to be contributing to the continued revitalization of downtown Holyoke,” Peter Gagliardi, Way Finders president and CEO, said in statement.

Besides the $23 million from MHIC, Way Finders garnered $10.4 million in low-incoming housing tax credits, a $12.6 million construction loan, $550,000 from the Massachusetts Housing Partnership and $4.8 million from the Massachusetts Department of Housing and Community Development.

The City of Holyoke contributed $400,000 and the Community Economic Development Assistance Corporation $1 million in predevelopment and acquisition costs.

According to the statement, plans also include 940 square-feet of retail space, a property management office, laundry room, playscape, community rooms, and art gallery. Way Finders will partner with The Care Center’s Roque House for support services and set aside up to ten apartments.

The groundbreaking ceremony is scheduled for Oct. 24, 1 to 3 p.m., at the Holyoke Public Library.

Way Finders will conduct a tour of the parcels following the ceremony.

SourceMassLive

Dorchester Bay Project Receives Funding from State to Preserve Affordable Housing in Uphams Corner

Governor Charlie Baker announced Dorchester Bay Economic Development Corporation (DBEDC) as one of 28 state-wide recipients of the 2019 Affordable Rental Housing Awards. The award will support the renovation of Dudley Terrace Apartments, a 56-unit affordable housing development in Boston’s Dorchester neighborhood. The project will include funding from the Department of Housing and Community Development (DHCD) with Low Income Housing Tax Credits (LIHTC), subsidy funds, and additional local funding from the City of Boston. Community Economic Development Assistance Corporation (CEDAC) has provided critical pre-development support for the project.

The rental units located in four scattered-site buildings on Dorchester Avenue, Massachusetts Avenue, Roach Street, and Dudley Terrace offer 56 units of affordable rental housing to households earning less than 60% of AMI. Twenty units are further restricted for extremely low-income households earning less than 30% of AMI, including formerly homeless households. Three units will be set aside for residents who receive services from the Department of Mental Health.

Dorchester Bay is committed to serving Dorchester’s low-income residents and expanding affordable housing opportunities. The renovation of Dudley Terrace Apartments is in keeping with Dorchester Bay’s commitment to ensuring that Dorchester residents can remain and thrive in their neighborhoods.

“Dorchester Bay is committed to preserving Dudley Terrace Apartments as high-quality, affordable homes into the future. Of particular importance, this funding will improve the air quality and comfort of residents by improving ventilation, windows, and building envelopes. Not only are these homes affordable, but they are close to public transportation and jobs – important factors for residents,” said K. Beth O’Donnell, Director of Real Estate Development at Dorchester Bay Economic Development Corporation.

About Dorchester Bay Economic Development Corporation
Dorchester Bay Economic Development Corporation (DBEDC) is a community development corporation founded by local civic associations in 1979 to address the problems of economic disinvestment, unemployment, crime, community tensions and the shortage of quality affordable housing undermining Boston’s Dorchester neighborhoods. Over the last 40 years, we have worked in partnership with local leaders and stakeholders to build and preserve 1,100 units of affordable housing and over 200,000 square feet of commercial space, to engage residents in community life, and to support a robust economy through small business support and economic development. The structures we have built are physical manifestations of our work, but at its core, our work is about strengthening our community, which is made up of the people who live and work in our neighborhood.

For more information, visit the DBEDC website at www.dbedc.org, follow us on Twitter @dbedc, like us on Facebook, connect with us on LinkedIn, and subscribe to our email list.

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SourceDorchester Bay Economic Development Corporation