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:
•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.