CEDAC Approves $1.7 Million in Funding to Produce and Preserve Affordable Housing in Communities Across the Commonwealth
Boston, Mass. (December 5, 2013) - The Community Economic Development Assistance Corporation (CEDAC) has awarded more
than $1.7 million in loans for development and preservation of affordable
housing, including $740,000 for projects in Boston, Haverhill, Leominster,
Westfield, Holyoke, and Williamstown. The community-based organizations
spearheading the new developments are: the Asian Community Development
Corporation, Inc.; the Coalition for a Better Acre; Worcester Community Housing
Resources, Inc.; HAP, Inc.; DOMUS, Inc.; and Berkshire Housing Development
The Boston-based Asian Community Development Corporation, Inc. (Asian CDC) received a $75,000 loan from CEDAC to acquire and renovate the 20-unit, state-owned Tremont Village public housing development, which is located between the Chinatown and Bay Village neighborhoods. In 2011, after a rigorous RFP process, the Department of Housing and Community Development (DHCD) designated the Asian CDC to become the property owner/developer. The project was originally developed in the mid-1980’s and CEDAC’s predevelopment funding will help the Asian CDC to plan for needed capital improvements. The property has four two bedroom units and sixteen three bedroom units—all of which are fully occupied.
“Preserving an affordable housing property such as Tremont Village is both cost-effective and urgently needed to meet the demand for affordable housing in downtown Boston neighborhoods,” said Roger Herzog, CEDAC’s executive director. “We are happy to support the Asian CDC in their efforts to improve this property to benefit those who need it most.”
The Coalition for a Better Acre (CBA) was awarded $130,000 from CEDAC to fund the Haverhill Veterans Housing project. CBA is working on this project with the Veterans Northeast Outreach Center (VNOC) and will develop 27 new units of affordable rental housing for veterans, including several units suitable for families. The project’s three scattered sites are all located within a block of VNOC’s headquarters, allowing residents easy access to much-needed services, including a drop-in lunch program.
In Central Massachusetts, Worcester County Housing Resources, Inc received a $62,000 loan to convert a historic toy factory into 30 units of affordable family housing. The four-story space in downtown Leominster will be reconfigured into six one bedrooms, eighteen two bedrooms, and six three bedrooms for low income families.
“Like many of Massachusetts’s Gateway cities, Leominster needs more high quality affordable housing to accommodate families,” said Herzog. “The 45 Summer Street project is a smart re- use of available property and will transform this historic building into much needed apartments for local families.”
CEDAC awarded Berkshire Housing Development Corporation (BHDC) a $100,000 loan to create 40 units of much-needed affordable housing for area seniors displaced by Tropical Storm Irene in 2011. The storm impacted nearly 300 people in the area and destroyed a mobile home park. The property, which sits on almost four acres of land donated by Williams College, will be a mix of one and two bedroom units. The site will be managed by the BHDC and owned by its affiliate Williamstown Elderly Housing.
DOMUS, Inc. received an $189,644 loan from CEDAC to finance the Our House project in Westfield. The project entails the purchase and renovation of a vacant two-story historic building that will provide enhanced single-room occupancy housing for eleven homeless youths and a resident manager. DOMUS has partnered with the Carter Center for Human Services, an affiliate of the Valley Human Services, to provide the residents with psychiatric counseling and other mental health support. The Broad Street property, constructed in 1885, most recently served as the headquarters for the Westfield Chapter of the American Red Cross. Additionally, CEDAC has awarded DOMUS, Inc. $83,650 for technical services related to the project.
HAP, Inc. was awarded $100,000 for the Library Commons Phase 1 project in Holyoke in order to develop 43 affordable individual and family rental units. The development is the first of a two-part neighborhood revitalization effort in downtown Holyoke. With this financing, HAP will purchase and renovate two now-vacant buildings in the area and construct a third. The complex will include 7 one-bedroom units, 32 two-bedroom units, and 4 three-bedroom units throughout all of the buildings. Three of these units will be handicap accessible.
“Thanks to the hard work of organizations like the BHDC, DOMUS, and HAP, Inc, we are seeing significant increases in the number of units throughout Western Massachusetts, as well as projects that offer additional supportive services as with the Our House project,” said Herzog. “CEDAC is proud to support these groups, and more specifically these projects, because of the important role they play in providing families and individuals in need with quality living space.”
CEDAC is a private-public, community development finance institution that provides technical assistance, pre-development lending and consulting services to non-profit organizations involved in housing development, workforce development, neighborhood economic development and capital improvement to childcare facilities. CEDAC is also active in 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 their current projects, please visit www.cedac.org.