About Community Economic Development Assistance Corporation (CEDAC)
CEDAC is a dynamic, innovative public-private community development financial institution (CDFI) that provides project financing and technical expertise for community-based and other nonprofit 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.
Nonprofit developers are often at a disadvantage when it comes to accessing the seed capital critical to making any project a success. CEDAC helps community development corporations and other nonprofit developers by providing them early-stage capital financing and technical assistance throughout the development process. CEDAC’s project financing options, which include predevelopment, acquisition, and bridge lending, offer developers the patient capital to acquire property, hire a team of professional consultants that are needed for moving a development project forward, and assemble construction and permanent financing packages to complete the projects.
In addition to providing early-stage financing, CEDAC serves as the Massachusetts Executive Office of Housing and Livable Community’s (EOHLC’s) underwriting agent for multiple state loan programs that provide deferred-payment, zero interest, subordinated permanent mortgage financing to help meet the costs of producing supportive housing. These loan products frequently blend with Low Income Housing Tax Credits and other state and local soft debt. On behalf of EOHLC, CEDAC underwrites, closes and provides asset management services for loans under four state loan programs.CEDAC is recognized as a leader in affordable housing preservation and supportive housing development and is active in local, state and national housing policy. Children’s Investment Fund (CIF) is an important affiliate of CEDAC and integral to CEDAC’s overall strategy for community economic development. CIF helps nonprofit, community-based childcare providers develop physical spaces for high quality early care and education and out-of-school time learning. CIF provides childcare providers with capital resources needed to expand, renovate, and upgrade their facilities and the technical assistance they require to complete their projects. Along with the Massachusetts Department of Early Education and Care, CEDAC and CIF help to administer the Early Education and Out of School Time (EEOST) Capital Fund, the first childcare capital fund established through community development legislation. CIF is a 501(c)3 nonprofit organization, and a CDFI, with a separate 15-member board of directors but no employees. The organization contracts with CEDAC for staffing and resources to carry out its mission.
CEDAC’s 27-person staff is a supportive, diverse and mission-first team of colleagues dedicated to the work and motivated by our impact. Professionalism, collaboration, a focus on getting a hard job done well and respect for work-life balance are all hallmarks of the CEDAC culture.CEDAC was formed as a quasi-public agency in 1978 under Chapter 40H of the Massachusetts General Laws to assist nonprofit organizations engaged in community economic development. CEDAC is governed by a nine-member board of directors. Eight members are public- and private-sector housing and community development finance professionals appointed by the Governor. The state’s Secretary of the Executive Office of Housing and Livable Communities (EOHLC), or their designee, serves as the board chair. For more information about CEDAC, please see their website at https://cedac.org/.
The Opportunity
CEDAC is seeking a dynamic, mission-driven, hands-on and visionary Executive Director (ED) to lead the organization through its next phase of growth and development. Reporting to the Board of Directors, the Executive Director will provide strategic leadership, oversee daily operations, and build partnerships and relationships to ensure the sustainability and success of the organization. This individual will be responsible for cultivating partnerships, managing staff, and serving as the public face of the organization. The Executive Director plays a critical role in organizational leadership, in maintaining external relationships and in public policy activity; and is also directly and deeply involved in oversight of the transactions executed and services delivered by the CEDAC team.
Candidate Profile
We recognize that there is a spectrum of lived and professional experience that will set candidates up for success in this role. While no one candidate will have every experience outlined in the position description, ideal candidates will display the following professional and personal qualities, skills, and characteristics:
Visionary Leadership
The Executive Director will have deep experience building, leading and motivating diverse teams in a mission-driven environment with a focus on collaboration, productivity, professional development and outstanding communication. The Executive Director is a strategic and forward-thinking leader able to guide the organization through transition, innovation and emerging opportunities while building on decades of achievement by the organization and its partners. The ideal candidate is a genuine partner to critical stakeholders, communicating effectively and inspiring confidence and collaboration with and among relevant public sector leaders in the Commonwealth of Massachusetts, the CEDAC board of directors, the organization’s many important partners and the staff.
Commitment to the Mission
CEDAC’s next Executive Director is committed to increasing the availability of affordable housing through support for both preservation and new development and is committed to delivering project financing and technical expertise for community-based and other nonprofit organizations engaged in effective community development in Massachusetts. The ideal candidate is excited and inspired to meet the moment where powerful institutional and political forces are aligning to make a long-term change in the availability and quality of affordable housing and the breadth and depth of community economic development in the state. The Director will embrace and strengthen CEDAC’s collaborative, inclusive, and mission-driven culture, and be a builder of opportunity for everyone involved in the work of the organization and the people it serves.
Affordable Housing Expertise
The Director will have deep knowledge and experience in the realm of community economic development and will bring an expertise, skillset and ability to sustain and enhance CEDAC’s position as a critical player in affordable housing development in the Commonwealth, particularly in early-stage predevelopment funding, technical assistance to nonprofit developers, and the wider context of community economic development including investment in the integration of early education facilities with housing.
Policy and Advocacy Skills
The role requires a sophisticated understanding of the kinds of public policy and political dynamics that are central to the housing and community economic development sector, and strong competency in building and maintaining trust relationships with leaders in the public sector, the private sector and the nonprofit organizations that are critical to CEDAC’s success. The ideal candidate is comfortable and will thrive in an environment where CEDAC plays a range of different roles in the policy arena including a strategic partner, a trusted advisor, an implementation partner, an advocate for favorable policies and approaches, and a subject matter expert.
Operational Excellence
The ideal candidate will have a track record of excellence in building and operating strong workplace communities that honor and empower diverse voices to participate in a high-performance organization. Leading CEDAC requires advanced experience with managing complex organizations in housing and/or a related field in community economic development, with emphasis on the stewardship of capital, the development of complex relationships, and the leadership of organizational operations. Supervisory and team-building skills must be at a high level to develop and empower a diverse staff that values efficiency, equity, growth opportunity and a strong connection to the mission. This leader will have a high degree of cultural competency with a range of diverse backgrounds represented on the CEDAC team, among the organization’s partners and in the communities it serves across the Commonwealth.
In addition, strong candidates will offer:
- Proven experience in affordable housing, finance, and development, with a strategic and political acumen.
- Strong communication, negotiation, and team-building skills.
- A commitment to DEI and the ability to represent CEDAC externally while fostering internal collaboration.
- Ability to foster trust, engage diverse constituents, and promote inclusivity within the organization.
- Skilled communicator who can translate complex issues for diverse audiences and build consensus.
- Curiosity and creativity in finding solutions to evolving challenges in the affordable housing sector.
Compensation & Benefits
Salary is competitive and commensurate with experience. The salary range for this role is $210,000 – 245,000 with a generous benefits package.
CEDAC is an equal opportunity employer and strongly encourages applications from people of color, persons with disabilities, women, and LGBTQ+ applicants.