Tag: Preservation

CEDAC Grants $7M For Affordable Housing and Child Care Facilities

Tuesday, October 1, 2013
CEDAC Grants $7M For Affordable Housing and Child Care Facilities
Community Economic Development Assistance Corp. (CEDAC) has awarded $7.2 million in funding to various organizations across Massachusetts to develop and preserve affordable housing projects and child care facilities.
Nine projects in eight communities- Northampton, Framingham, Springfield, Boston (Dorchester and Jamaica Plain neighborhoods), Stow, Somerville, the Williamsburg/Chesterfield region in Western Massachusetts and Great Barrington-received loans. Of the $7.2 million total, organizations in Greater Boston received $525,000, while the MetroWest region was granted loans of $2.85 million and Western Massachusetts $3.8 million.
“Our non-profit community partners are actively working on projects for the preservation and development of affordable housing in Massachusetts, which is a good sign for families and individuals in need of quality housing,” Roger Herzog, CEDAC’s executive director, said in statement.
“The need to preserve quality affordable housing remains a statewide issue,” Herzog continued. “Over the past 18 months, we have seen several nonprofit organizations come forward to help preserve hundreds of affordable housing units across the Commonwealth. We are encouraged by that activity, and expect to see even more of it going forward.”
Projects include:
• $2.8 million to purchase the Tribune Apartments on Irving Street in Framingham, preserving 53 affordable units
• $2.4 million for preserve 34 units of affordable housing in Springfield at the Kenyon College Estates
• $1.1 million to develop 60 units of affordable housing on 1.23 acres of land at a former lumber yard Northampton

Banker & Tradesman ©2013 All Rights Reserved
URL: http://www.bankerandtradesman.com/news156778.html

SourceBanker & Tradesman

Affordable housing advocates celebrate purchase, preservation of 6 buildings

June 3, 2013
Affordable housing advocates celebrate purchase, preservation of 6 buildings
By Johanna Kaiser, Town Correspondent
Affordable-housing advocates last week celebrated the largest nonprofit affordable housing preservation sale in the state—one that has allowed a non-profit to preserve more than 800 affordable units.
Preservation of Affordable Housing, a non-profit that, purchased six affordable housing complexes from State Street Development Corporation last summer.
The six complexes located throughout the state consist of 841 affordable units for senior citizens and families.
“Today we’re celebrating the fact that this building and the five others in this portfolio will continue to serve as healthy, supportive, affordable housing for the long term,” Herb Morse, chairman of Preservation of Affordable Housing’s board of directors said during the celebration at the South End’s Franklin Square House, one of the buildings purchased by the organization.
“It’s truly a good preservation story, we succeeded in preserving and renovating more than 500 deeply affordable apartments for seniors in some of Boston’s highest cost neighborhoods.”
The other buildings include the Blackstone Apartments near Massachusetts General Hospital, the Kenmore Abbey Apartments in Kenmore Square, and complexes in Brewster, Orleans, and Hudson.
The Community Economic Development Assistance Corporation provided one of its largest preservation loans to date with a $1.8 million loan to Preservation of Affordable Housing allocated through the Massachusetts Preservation Loan Fund. It is also the largest affordable housing preservation transaction ever supported by MassHousing, the state’s housing finance agency.
Aaron Gornstein, the state’s undersecretary for Housing and Community Development, said the preservation of these affordable units is a cost effective way maintain affordable housing.
“It’s better for the taxpayers because it’s typically more cost effective to preserve the buildings we have and renovate them than to build new construction from scratch,” he said.
Besides praising the recent purchase and renovations, officials and advocates also stressed the importance of affordable housing in general.
“What were doing here today is not just preserving affordable housing, we’re preserving a place to live,” Barbara Fields, regional administrator for the Department of Housing and Urban Development. “A big chunk of what provides for good health is where you live and the social connections you have.”
Morse, of Preservation of Affordable Housing, also thanked the residents who stayed in their homes during renovation work.
“Our residents were really good sports, they cooperated with the workers, they helped each other out, they communicated to us—and believe me they communicated to us—when they saw room for improvement.”

© 2013 NY Times Co.
URL: http://www.boston.com/yourtown/news/south_end/2013/06/affordable_housing_advocates_c.html

SourceBoston Globe, South End edition

New funds will help support renovations to South End and Roxbury affordable units

May 14, 2013
New funds will help support renovations to South End and Roxbury affordable units
By Patrick D. Rosso, Town Correspondent
ROXBURY, SOUTH END – After the commitment of funds from the Community Economic Development Assistance Corporation affordable units in the South End and Roxbury will be renovated.
Urban Edge Housing Corporation was awarded a $200,000 loan by the group to renovate its Walnut Washington Apartments in Roxbury and The Community Builders Inc. was awarded a $500,000 loan to redevelop its Historic South End Apartments, said a release from the group.
“We are thrilled to be working with these community-based organizations on such important projects,” Roger Herzog, executive director of CEDAC, said in a statement. “Each of these developments has served low income families and individuals for decades. CEDAC is proud to be able to help preserve these homes so that they may continue to benefit those in need for years to come.”
Urban Edge’s Roxbury units located near Egelston Square, were constructed in the 1920’s and consist of four buildings that hold 65-units. The loans will support the renovation of the buildings’ exterior and interior as well as “green” improvements.
The South End units, which have served local families for several decades, include 29 buildings that hold 146 units. Located close to the intersection of Massachusetts Avenue and Tremont Street, the loan will support accessibility upgrades to eight units.
“Organizations like Urban Edge and The Community Builders are focusing their efforts on improving existing developments for low income families, which is an important element to preserving affordable housing,” added Herzog. “By investing in these longstanding affordable housing developments, these communities are able to see that these developments are an essential part of the effort to strengthen their neighborhoods.”
The Community Economic Development Assistance Corporation is a private-public community development finance institution that provides technical assistance as well as pre-development lending and consulting.

URL: http://www.boston.com/yourtown/news/roxbury/2013/05/hold_new_funds_will_help_suppo.html
© 2013 NY Times Co

SourceThe Boston Globe, Roxbury Edition

Historic South End, Roxbury affordable housing to be preserved, renovated

May 14, 2013
Historic South End, Roxbury affordable housing to be preserved, renovated
By Johanna Kaiser, Town Correspondent
ROXBURY, SOUTH END – The Community Economic Development Assistance Corporation has approved two loans totaling $700,000 that will help organizations preserve and renovate two long-time affordable housing developments in the South End and Roxbury.
CEDAC has awarded a $200,000 loan to Urban Edge Housing Corporation so it can make necessary repairs and updates to the Walnut Washington Apartments in Roxbury.
The CEDAC has also approved a $500,000 loan to the Community Builders Inc. The non-profit will make renovations preserving and updating the Historic South End Apartments.
“We are thrilled to be working with these community-based organizations on such important projects,” Roger Herzog, executive director of CEDAC, said in a statement. “Each of these developments has served low income families and individuals for decades. CEDAC is proud to be able to help preserve these homes so that they may continue to benefit those in need for years to come.”
The Walnut Washington Apartments were originally built in the 1920’s and consist of four buildings blocks from Egleston Square. The complex, which has a total of 65 units, was last renovated two decades ago, and requires exterior and interior updates. “Green” improvements will also be made to the buildings to reduce energy costs and water consumption, and improve air quality.
The Historic South End Apartments development consists of 146 units in 29 historic buildings within a few blocks of Massachusetts Avenue and Tremont Street.
A majority of these units are traditional South End row homes, consisting of four or five apartments. Community Builders plans to modify eight units to improve their accessibility.
“Organizations like Urban Edge and The Community Builders are focusing their efforts on improving existing developments for low income families, which is an important element to preserving affordable housing,” Herzog said. “By investing in these longstanding affordable housing developments, these communities are able to see that these developments are an essential part of the effort to strengthen their neighborhoods.”

URL: http://www.boston.com/yourtown/news/south_end/2013/05/historic_south_end_roxbury_aff.html
© 2013 NY Times Co

SourceThe Boston Globe, South End Edition

Business Digest for Aug. 3: Affordable housing loans approved for Stow and Framingham

August 3, 2012

Business Digest for Aug. 3
By Staff reports
The MetroWest Daily News

Affordable housing loans approved for Stow and Framingham
The Community Economic Development Assistance Corp. (CEDAC) this week announced commitments of $1.8 million for 11 affordable housing developments designed to provide quality affordable housing for low-income residents across Massachusetts. Among those developments, CEDAC provided loans of $285,000 to the Stow Elderly Housing Corp., $300,000 to the Stow Community Housing Corp. and $50,000 to Cochituate Homes Inc. in Framingham. The loan for the Stow Elderly Housing Corp. will support the construction of 37 new units of supportive housing for frail seniors in Stow. The loan for the Stow Community Housing Corp. will be used for technical assistance in connection with the development of the Pilot Grove Apartments II project. The loan for Cochituate Homes will be used to preserve 160 units of existing affordable housing in Framingham. CEDAC is a private-public, community development finance institution. For more information, visit cedac.org.

Copyright 2012 The MetroWest Daily News. Some rights reserved

URL: http://www.metrowestdailynews.com/business/x521650201/Business-Digest-for-Aug-3#ixzz22milVxyI

SourceMetroWest Daily News

Framingham, Stow affordable housing projects receive loans

August 2, 2012

Framingham, Stow affordable housing projects receive loans
By Brian Benson/Daily News staff
The MetroWest Daily News

Affordable housing developments in Framingham and Stow were among 11 projects across Massachusetts that recently received loans from the Community Economic Development Assistance Corporation.
The corporation, a private-public community development finance institution, announced this week it approved a $285,000 loan to Stow Elderly Housing Corporation, $300,000 to Stow Community Housing Corporation and $50,000 to Cochituate Homes, Inc. in Framingham.
“It is encouraging to see affordable housing production and preservation in the MetroWest region of the state,” Roger Herzog, Community Economic Development Assistance Corporation’s executive director, said in a statement. “There are individuals and families in this affluent part of Massachusetts that are in need of greater access to affordable housing.”
Cochituate Homes, Inc. received $50,000 to preserve 160 units of existing affordable housing in Framingham. The loan will help Cochituate Homes’ board develop a financing plan to maintain the development’s affordability, according to a release.
The Stow Elderly Housing Corporation loan will help the organization build 37 new units for seniors. The project is next to an existing 50-apartment complex for seniors.
Also in Stow, the Community Economic Development Assistance Corporation approved a $300,000 loan increase to the Stow Community Housing Corporation, as part of the Pilot Grove Apartments II project. The Community Economic Development Assistance Corporation has now awarded that development $500,000 in loans. The project includes 30 new units of affordable rental housing next to Pilot Grove Apartments I, which has 60 units of mixed-income housing.

Copyright 2012 The MetroWest Daily News. Some rights reserved

URL: http://www.metrowestdailynews.com/news/x521649344/Framingham-Stow-affordable-housing-projects-receive-loans#ixzz22mh3Xql

SourceMetroWest Daily News

New Right of First Refusal Law Preserves Affordable Housing in Cambridge, MA

On February 8th, the Community Economic Development Assistance Corporation (CEDAC) was pleased to celebrate with its preservation partners the dedication of Chapman Arms, a 50-unit building located in Cambridge’s busy Harvard Square, as the first affordable housing to be preserved through the state’s right of first refusal – an important provision of the state’s innovative Chapter 40T law… Click here to read more. https://cedac.org/NewsletterAffHsngMay2012.html

SourceNational Housing Trust Newsletter, May 9, 2012

Second Expiring-Use Development Preserved As Affordable Housing In Cambridge

Friday, April 13, 2012, 11:10am
Second Expiring-Use Development Preserved As Affordable Housing In Cambridge
By Colleen M. Sullivan
The former Norstin Apartments near Central Square in Cambridge will be preserved as affordable housing through an $8 million deal between the Community Economic Development Assistance Corporation (CEDAC), the city of Cambridge, and Cambridge-based housing non-profit Just A Start Corp.
The 4-story property lies between Bishop Allen Drive and Norfolk Street in Cambridge, has 32 two- and three-bedroom units, and will be renamed the Bishop Allen Apartments in the wake of the purchase. The city was particularly anxious to preserve it since demand for affordable housing with multi-bedroom units considerably outstrips supply, sources familiar with the project told Banker and Tradesman.
“[Cambridge] is really committed to making sure their affordable housing is preserved over the long-term,” Roger Herzog, CEDAC’s executive director, told Banker and Tradesman.
CEDAC provided a loan in the amount of $4.3 million. The Cambridge Affordable Housing Trust provided approximately $4,000,000. The city of Cambridge added additional funds to cover carrying costs and predevelopment expenses.
The apartments are the second expiring-use project to be preserved in Cambridge. Earlier this year, the city and CEDAC, along with Homeowner’s Rehab Inc. were also involved in a deal to preserve the Chapman Arms in Harvard Square.
Both deals demonstrate the impact of the 40T statute passed by the state in 2009, Herzog argues. The law gives the Department of Housing and Community Development (DHCD) the right of first refusal when a project that had been affordable housing is eligible to be sold or converted to market rate. The Chapman Arms project was the first where DHCD exercised that right.
“It’s two ways that 40T is working. In Chapman [Arms], we saw it work under the provision that allows DHCD to exercise a right of first refusal. In Norsten, we see an alternative approach,” said Herzog. The owners of the Bishop Allen buildings, aware that the city of Cambridge wanted to preserve the property as affordable housing, sought out the non-profit Just A Start himself and pitched the project to them.
Since putting it in Just A Start’s hands would preserve affordability, he was able to obtain an exemption from review of the sale by DHCD, Herzog said. “Either way, the project is preserved as affordable housing,” he added. “40T is making an impact.”
URL: http://www.bankerandtradesman.com/news149559.html
Banker & Tradesman ©2012 All Rights Reserved

SourceBanker & Tradesman

Second Expiring-Use Development Preserved As Affordable Housing In Cambridge

Friday, April 13, 2012, 11:10am
Second Expiring-Use Development Preserved As Affordable Housing In Cambridge
By Colleen M. Sullivan
The former Norstin Apartments near Central Square in Cambridge will be preserved as affordable housing through an $8 million deal between the Community Economic Development Assistance Corporation (CEDAC), the city of Cambridge, and Cambridge-based housing non-profit Just A Start Corp.
The 4-story property lies between Bishop Allen Drive and Norfolk Street in Cambridge, has 32 two- and three-bedroom units, and will be renamed the Bishop Allen Apartments in the wake of the purchase. The city was particularly anxious to preserve it since demand for affordable housing with multi-bedroom units considerably outstrips supply, sources familiar with the project told Banker and Tradesman.
“[Cambridge] is really committed to making sure their affordable housing is preserved over the long-term,” Roger Herzog, CEDAC’s executive director, told Banker and Tradesman.
CEDAC provided a loan in the amount of $4.3 million. The Cambridge Affordable Housing Trust provided approximately $4,000,000. The city of Cambridge added additional funds to cover carrying costs and predevelopment expenses.
The apartments are the second expiring-use project to be preserved in Cambridge. Earlier this year, the city and CEDAC, along with Homeowner’s Rehab Inc. were also involved in a deal to preserve the Chapman Arms in Harvard Square.
Both deals demonstrate the impact of the 40T statute passed by the state in 2009, Herzog argues. The law gives the Department of Housing and Community Development (DHCD) the right of first refusal when a project that had been affordable housing is eligible to be sold or converted to market rate. The Chapman Arms project was the first where DHCD exercised that right.
“It’s two ways that 40T is working. In Chapman [Arms], we saw it work under the provision that allows DHCD to exercise a right of first refusal. In Norsten, we see an alternative approach,” said Herzog. The owners of the Bishop Allen buildings, aware that the city of Cambridge wanted to preserve the property as affordable housing, sought out the non-profit Just A Start himself and pitched the project to them.
Since putting it in Just A Start’s hands would preserve affordability, he was able to obtain an exemption from review of the sale by DHCD, Herzog said. “Either way, the project is preserved as affordable housing,” he added. “40T is making an impact.”
URL: http://www.bankerandtradesman.com/news149559.html
Banker & Tradesman ©2012 All Rights Reserved

SourceBanker & Tradesman

Bay State’s First 40T Project Finds Home In Cambridge

Monday, February 20, 2012
Opening The Door
Bay State’s First 40T Project Finds Home In Cambridge
Despite Being Two Years Old, Untested 40T Finds Early Success
By Colleen M. Sullivan, Banker & Tradesman Staff Writer
The state’s newest affordable housing law – Chapter 40T, passed in 2009 – recently chalked up its first victory, helping to preserve 25 affordable units in a 50-unit apartment building in the heart of Harvard Square in Cambridge.
The statute has several provisions aimed at giving tenants of affordable housing plenty of notice and resources if their landlord decides to pursue conversion of the property to market rate.
Perhaps the most important – from a development perspective – is a provision in the bill giving the Massachusetts Department of Housing and Community Development (DHCD) the right of first refusal when a building with affordable units comes up for sale. DHCD doesn’t aim to buy the properties outright; instead it has a pre-approved list of affordable housing developers with whom it works to help acquire and manage the property.
Despite the fact that the law is more than two years old, the tight, slow, declining market has largely kept multi-family owners on the sidelines and state pocketbooks firmly buttoned – leaving untested a law many owners regarded warily, fearing state involvement could only delay a sale.
“A lot of the sellers were unsure [about the law]. They love to have a free hand when they want to sell their property,” said Peter Daly, executive director of Homeowners Rehab Inc., a Cambridge affordable housing developer brought in by DHCD for the Harvard Square project, located at 122 Mt. Auburn St. “I think sellers were anxious about the 40T legislation – would it work, and would it work with the timetable that they need.”
But this first 40T deal proves the statute can be used in a way that meet seller’s expectations, Daly said.
“It was a deal that was fair to all sides, and we had the resources held in reserve to help the buyer perform,” he told Banker & Tradesman.
‘A Foot In The Door’
It certainly didn’t hurt that the project was in Cambridge, a community with a long-time commitment to affordable housing preservation – 80 percent of the city’s federal Community Protection Act grant funds are dedicated to that goal, according to the city.
“The unified purpose of the Cambridge City Council was always to protect and preserve affordable housing in the city of Cambridge,” said Cambridge City Manager Robert Healy.
The deal required an $8.1 million acquisition loan from Community Economic Development Assistance Corp. (CEDAC), a quasi-public finance agency which aims to help community groups fund economic development projects. CEDAC created a dedicated $150 million loan pool and a list of expiring-use projects to help make non-profits and community development corporations aware of potential 40T sites in their area.
“The law is very strict in terms of the timeframes that DHCD and its designee are allowed to complete a complex purchase transaction,” said Roger Herzog, executive director of CEDAC. “CEDAC has the ability to move very quickly to meet those constraints.”
According to Herzog, the Harvard Square project was first put on the market in April 2011, at which time DHCD notified the sellers in of their interest. HRI was designated in May, and by December they had acquired the property.
This first implementation of the program has attracted watchful eyes from around the country, with representatives from national affordable housing network Neighborworks, a partner of HRI, attending a recent ceremony held to mark the successful deal.
Affordable housing advocates said they hope it will prove a model for future acquisitions. The bill “gave us a foot in the door…and that’s what we needed to move forward. Without 40T, I’m not sure this project would have been preserved,” said Daly.
http://www.bankerandtradesman.com/news148706.html

SourceBanker & Tradesman