CEDAC Approves $200,000 for 35 New Units of Affordable Housing in Pelham
The Community Economic Development Assistance Corporation (CEDAC) recently committed $200,000 in predevelopment financing to help develop a total of 35 affordable housing units in Pelham. CEDAC’s loan will help Home City Development (HCD) with initial costs in developing a project known as Amethyst Brook.
HCD recently acquired the 9.5 acre site, which contains an historic farmhouse and several outbuildings, along with a small factory building. The farmhouse will be developed into seven apartments, while the small factory building and outbuildings will be demolished and replaced with a 28-unit building. HCD will also maintain five acres of land as conservation land. This is the first affordable housing to be developed in Pelham using the state’s Comprehensive Permit law known as Chapter 40B. The project, which was conceived by the Pelham Affordable Housing Committee, is located close to Pelham’s town library and elementary school and is only a few miles from Amherst.
“We are excited to support the efforts of an excellent non-profit housing developer, in partnership with local residents, to develop much-needed affordable housing in Pelham,” said Roger Herzog, CEDAC’s executive director. “There is great demand in rural communities for affordable housing and often fewer opportunities to bring those projects to fruition. CEDAC looks forward to working with Home City Development to create these new units.”
CEDAC is a public-private community development finance institution that provides financial resources and technical expertise for community-based and other non-profit organizations engaged in effective community development in Massachusetts. CEDAC’s work supports two key building blocks of community development: affordable housing and early care and education. CEDAC is also active in state and 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 its current projects, please visit www.cedac.org.