CEDAC Funding in Q1 2023 Will Help Develop or Preserve 900+ Units of Affordable HousingNovember 04, 2022
BOSTON — The Community Economic Development Assistance Corporation (CEDAC) announced in a release that its early-stage financing commitments during the first quarter of fiscal year 2023 will help create or preserve 970 units of affordable housing in 12 communities across the Commonwealth.
The total commitment of $19.2 million in the acquisition, predevelopment, and bridge financing will facilitate affordable housing development by community development corporations and other non-profit entities for 17 projects in Boston, Springfield, Greenfield, Hadley, Lynn, Ipswich, Hudson, and several other municipalities.
“Our first quarter has started off with a bang, as CEDAC has collaborated with a wide range of partners across Massachusetts communities to deliver affordable housing developments at a time of acute need” said CEDAC’s Executive Director, Roger Herzog. Asked about any projects he was particularly excited about, Roger pointed to an upcoming motel conversion in Hadley: “We have great aspirations for the continued success of hotel/motel conversions as an emerging strategy to provide permanent supportive housing for persons experiencing homelessness. These conversions represent an excellent solution to address immediate housing needs, and we look forward to working on more of these projects.”
Among CEDAC’s Q1 FY2023 commitments are:
- Econo Lodge Redevelopment, Hadley – Leveraging an acquisition loan from CEDAC of up to $4,100,000 and a $400,000 predevelopment loan, the Valley Community Development Corporation (Valley CDC) will acquire and convert an existing 63-room Econo Lodge hotel in Hadley into 50 Permanent Supportive Housing apartments
- Chinatown, Boston – Funded in part by a predevelopment loan in the amount of $450,000 for technical services from CEDAC, the Parcel R-1 project proposed by the Asian Community Development Corporation (ACDC) will lead to the new construction of 110 units of affordable housing in a highly transit-oriented location.
- 775 Worthington Street, Springfield – Clinical & Support Options, Inc. plans to demolish the existing vacant commercial building located at 775 Worthington Street and build a new four-story building containing 36 permanent supportive housing (PSH) studios and a 40-bed congregate shelter for chronically homeless individuals.
- 1201 River Street, Hyde Park - Leveraging an acquisition loan from CEDAC for up to $4,000,000 for the purchase of 1201 River Street, B’nai B’rith Housing New England, Inc. will begin new construction of 63 units of affordable rental housing for adults aged 55 and older in Boston’s Hyde Park neighborhood.
- 60 Wells Street, Greenfield - With an acquisition loan up to $1,590,000 from CEDAC as well as a $400,000 pre-development loan for the purchase of 60 Wells Street & 65 Conway Street, and 46 Wells Street in connection with the development of 60 Wells Street Permanent Supportive Housing, Clinical & Support Options, Inc. plans to redevelop an existing building which is located in downtown Greenfield.
- 68 Homes Preservation Project, Hyde Park & Roslindale – The Southwest Boston Community Development Corporation will utilize a predevelopment loan in the amount of $165,000 for technical services in the development of 68 Homes Preservation Project. The 68 Homes Preservation Project (68HPP) will preserve 68 rental units across eight sites and, in doing so, prevent the displacement of tenants.
- 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 proposes to create 23 studio units for formerly homeless unaccompanied youth and one studio resident manager unit.
- Agawam Village, Ipswich – Harborlight Community Partners, Inc. (HCP) and the Ipswich Housing Authority (IHA) have entered into a joint venture agreement to substantially rehabilitate Agawam Village, a 94-unit senior and family former public housing development located in Ipswich. The project consists of seven two-story wood-framed residential buildings, including four senior buildings and three family buildings, and a community building. The proposed renovations will significantly update the units, which were originally built in 1979.
- 62 Packard, Hudson – Metro West Collaborative Development, Inc. (MWCD) plans to redevelop an 83,124 square-foot site at 62 Packard Street, currently a decommissioned police station. MWCD will demolish the existing structure and construct 40 units of affordable multifamily rental housing. All units will be affordable for households.