BOSTON– The Community Economic Development Assistance Corporation (CEDAC) announced that it committed more than $12.6 million in early-stage project financing during the fourth quarter of Fiscal Year 2025 to support the creation and preservation of affordable housing across Massachusetts.
This latest round of funding supports a range of developments—from supportive housing for at-risk youth to affordable condominiums for first-time homebuyers—and brings CEDAC’s total FY2025 commitments to nearly $40 million across 46 affordable housing projects.
“CEDAC’s significant financing activity in the final quarter of FY2025 helped to support affordable housing projects that will assist people in need across the Commonwealth,” said CEDAC Executive Director Ethan Handelman. “We will continue to work closely with our nonprofit partners as these projects move forward.”
Highlights of Fourth Quarter Projects:
25 West Street, Boston: CEDAC awarded acquisition and predevelopment financing to Bridge Over Troubled Waters, Inc. for the transformation of a vacant five-story commercial building into housing for homeless, runaway, and at-risk youth (ages 18-24) earning under 30% of the Area Median Income (AMI). The project will include a welcome center and a mix of single-room occupancy (SRO) units and shared suites.
245 Bryant Street, Malden: The Asian Community Development Corporation (ACDC) received $300,000 in predevelopment funds for a new transit-oriented development near Malden Center. The project will provide 35 affordable condominiums for first-time buyers earning at or below 80% of AMI.
329 Blue Hill Avenue, Roxbury: Caribbean Integration Community Development (CICD) was granted $385,000 in predevelopment financing and $15,000 in feasibility assistance for a 48-unit affordable rental development for older adults, including eight units for residents at or below 30% of AMI.
Theroch Apartments, Roxbury and Dorchester: CEDAC approved a $1 million line of credit to Urban Edge Housing Corporation to support a multi-phase rehab of the 191-unit Theroch Apartments, a scattered-site development. The work includes deep energy retrofits, historic preservation, and modernization efforts. 125 units are reserved for households earning under 30% of AMI; 66 for those earning under 50%.
West End Library Redevelopment, Boston: Preservation of Affordable Housing (POAH) received $500,000 in predevelopment funding to replace the existing West End Library with a two-story facility and a 12-story residential tower. The building will include 119 new affordable units, 40 of which will serve households at or below 30% of AMI. Designed to meet Passive House standards, the development will feature all-electric systems and accessible units for residents with mobility or sensory needs.
CEDAC’s early-stage financing plays a critical role in helping nonprofit developers move affordable housing projects from concept to reality. As Massachusetts continues to face a housing affordability crisis, these investments are designed to serve vulnerable populations and expand housing opportunities in both urban and transit-accessible communities.
