BOSTON– The Community Economic Development Assistance Corporation (CEDAC) has announced funding for three nonprofit housing organizations as part of the inaugural round of the Small Property State Acquisition Fund (SPAF) Program. This initiative aims to protect low- and moderate-income tenants from displacement and secure long-term affordable housing in Boston.
The SPAF Program provides nonprofit organizations with up to $450,000 in acquisition financing for small residential properties ranging from one to eight units. These zero-interest, deferred-payment loans, with terms of 30-50 years, are designed to complement other affordable housing acquisition programs at the municipal and state levels.
“Preserving existing affordable housing is just as critical as building new homes,” said Ed Augustus, Secretary of the Executive Office of Housing and Livable Communities. “Every property we save and every family we keep in their home strengthens our communities. We appreciate CEDAC and our nonprofit partners for their dedication to this mission.”
CEDAC Executive Director Roger Herzog emphasized the program’s impact, stating, “The SPAF Program provides essential financing to protect tenants and maintain affordability in smaller properties. We are grateful to Governor Healey, Secretary Augustus, and the Healey Administration for prioritizing affordable housing.”
The Mayor’s Office of Housing in Boston also contributed acquisition funding to support these efforts.
Funding Recipients and Their Projects
The three nonprofit organizations receiving SPAF financing will use the funds to acquire and maintain affordable housing units in Boston neighborhoods:
Boston Neighborhood Community Land Trust – The organization has acquired a two-family home built in 1935, with a total living space of 2,618 square feet. Both units will remain affordable to households earning at or below 80% of the Area Median Income (AMI). Planned capital improvements will enhance the property’s condition.
Chinatown Community Land Trust – This nonprofit has purchased a three-story brick rowhouse in Chinatown’s historic district, consisting of one studio unit (restricted to 80% AMI) and one three-bedroom unit (restricted to 60% AMI). The current family living in the three-bedroom unit will remain in their home.
Dorchester Bay Economic Development Corporation (DBEDC) – DBEDC will acquire a four-unit rowhouse in Dorchester, which includes three two-bedroom apartments and one one-bedroom unit, along with a 5,000-square-foot vacant lot. Three of the units are occupied by long-term senior tenants. DBEDC has committed to maintaining affordability for at least 30 years, with two units restricted to 80% AMI and two to 60% AMI. Planned renovations include roof replacement and brick exterior repairs.
This funding marks a significant step in stabilizing neighborhoods and ensuring long-term housing security for Boston residents.
