CEDAC Commits Over $11.5 Million in Second Quarter of 2021

The Community Economic Development Assistance Corporation (CEDAC) approved $11,578,537 in early stage financing to 16 non-profit community development corporations across Massachusetts in the second quarter of 2021. This lending supports 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, CEDAC’s executive director. “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.”

CEDAC’s recent commitments include the following projects:

•Mildred Hailey Building 1A, Boston – The Community Builder’s (TCB) Mildred Hailey Building 1A project in Boston is the first phase of a major redevelopment of this public housing in Jackson Square, which is being undertaken by Centre Street Partners, LLC, a partnership between TCB, Urban Edge Housing Corporation, and Jamaica Plain Neighborhood Development Corporation. The full scope of Phase One will replace 253 existing public housing units and create an additional 425 new mixed-income units to be constructed over a 10-year development schedule. Building 1A will create 100 affordable apartments, a community center, commercial space, and underground parking for three of the Phase One buildings. The development will include a 6,800 square foot community center with educational programming for children. The unit mix includes thirteen 4-bedroom units and five 5-bedroom units, which serves the needs of existing families and addresses the high demand for larger apartments. CEDAC, in partnership with its affiliate the Children’s Investment Fund (CIF), has committed a $1 million predevelopment loan for this project. In addition to improving the quality of and expanding access to early childhood education and out-of-school-time programs for children from low- and moderate-income families, CIF supports affordable housing for low-income families.

•170 Cottage Street, Chelsea – The Neighborhood Developers, Inc. (TND) plans to acquire a vacant site one block from the MBTA Silver Line Station and create 66 affordable family units. All units will be affordable to households at or below 60% area median income, including 16 units designated for households at or below 30% AMI and five fully accessible units. The building will be designed to meet Passive House energy efficiency standards and universal design best practices. CEDAC has committed $4.3 million in acquisition financing and $500,000 in predevelopment financing to support this development.

Leave a Reply

Your email address will not be published.