MA Housing makes $11.7M in loan commitments for Cape workforce housing

Efforts underway to boost workforce housing on Cape Cod

BOSTON - - MassHousing announced loan commitments today of up to $11.7 million for workforce housing on Cape Cod at the Residences at Canal Bluffs in Bourne.

The non-profit Housing Assistance Corporation of Hyannis intends to build 28 affordable rental apartments and 89 condominiums - of which 22 will be affordable - on a 17-acre site at Otis Park Drive and Route 28 in Bourne. The Bourne site is part of an advocacy effort to boost workforce housing on Cape Cod by the Cape Cod Workforce Housing Task Force.

"This development will provide workers and their families with quality, affordable housing close to their places of employment.'' - Thomas R. Gleason

"The Residences at Canal Bluffs will provide greatly needed affordable workforce housing on Cape Cod,'' said MassHousing Executive Director Thomas R. Gleason. "This development will provide workers and their families with quality, affordable housing close to their places of employment.''

The 117-unit site will reclaim a partially developed commercial site and will be developed in three phases. The proposed development is adjacent to the Bourne Shopping Center, and residents will also be in close proximity to many employers, two schools, local beaches and a golf course.

The developer intends to work with the Cape Cod Regional Transit Authority to provide transit to local employment centers, and the development is less than two miles from a regional bus center that provides direct service to Boston and Providence.

"Canal Bluffs will provide a combination of affordable and market rate homeownership as well as 28 units of affordable rental housing that will result in safe and decent housing options for the workforce in the Upper Cape area,'' said HAC Executive Director Richard Presbrey. "We are especially grateful to the seller, the Town of Bourne, and the many state agencies that have been involved in making this project possible, including MassHousing and others, for providing funds for this project."

The developer is also exploring the use of various renewable energy technologies, including photovoltaic systems and wind turbines, Energy Star appliances, and energy-efficient lighting, windows and insulation.

HAC will group the residential buildings in a series of terraces that will result in three distinct residential communities clustered around a neighborhood center and preserve 72% of the site as open space. The developer is also exploring the use of various renewable energy technologies, including photovoltaic systems and wind turbines, Energy Star appliances, and energy-efficient lighting, windows and insulation.

MassHousing's Board of Directors today made a commitment of up to $10 million in construction loans for the condominiums and $1.7 million in loans for the rental units.

In addition to the MassHousing loan commitments, the project will receive $1.75 million from the Affordable Housing Trust Fund, which is jointly managed by MassHousing and the Department of Housing and Community Development (DHCD), $1.3 million in DHCD HOME funding, and $300,000 in Cape Cod Commission HOME funds. The developer is also expected to receive an estimated $3.9 million from the sale of low-income housing tax credits.

The 28 rental units will be for residents at or below 60% of the Barnstable Area Median Income ($34,440 for a two-person household; income limits vary based on the number of persons per household) with three of the units reserved for residents at or below 30% of the AMI ($17,200 for a two-person household). The 22 affordable condominiums will be for residents at or below 80% of the AMI ($45,900 for a two-person household).

The contractor will be Callahan, Inc., of Bridgewater. The architect is ICON Architecture of Boston and the management agent will be MB Management Company of Braintree.

About MassHousing: The Massachusetts Housing Finance Agency, now doing business as MassHousing, is the leading provider of affordable housing in Massachusetts. Since 1970, MassHousing has provided more than $10.6 billion in financing for more than 97,000 units of mixed-income rental housing and more than 54,000 mortgage loans for homeowners. For more information, visit the MassHousing website at www.masshousing.com.