After the commitment of funds from the Community Economic Development Assistance Corporation affordable units in the South End and Roxbury will be renovated.
Urban Edge Housing Corporation was awarded a $200,000 loan by the group to renovate its Walnut Washington Apartments in Roxbury and The Community Builders Inc. was awarded a $500,000 loan to redevelop its Historic South End Apartments, said a release from the group.
“We are thrilled to be working with these community-based organizations on such important projects,” Roger Herzog, executive director of CEDAC, said in a statement. “Each of these developments has served low income families and individuals for decades. CEDAC is proud to be able to help preserve these homes so that they may continue to benefit those in need for years to come.”
Urban Edge’s Roxbury units located near Egelston Square, were constructed in the 1920’s and consist of four buildings that hold 65-units. The loans will support the renovation of the buildings' exterior and interior as well as “green” improvements.
The South End units, which have served local families for several decades, include 29 buildings that hold 146 units. Located close to the intersection of Massachusetts Avenue and Tremont Street, the loan will support accessibility upgrades to eight units.
“Organizations like Urban Edge and The Community Builders are focusing their efforts on improving existing developments for low income families, which is an important element to preserving affordable housing,” added Herzog. “By investing in these longstanding affordable housing developments, these communities are able to see that these developments are an essential part of the effort to strengthen their neighborhoods.”
The Community Economic Development Assistance Corporation is a private-public community development finance institution that provides technical assistance as well as pre-development lending and consulting.