PROVINCETOWN – A timeshare property at 4 Harbor Hill may be purchased by the town of Provincetown for affordable housing.
The complex was the subject of a bankruptcy filing in late August and legal procedures are still in progress. Bids are due by February 14th.
Provincetown Town Manager David Panagore said that the town would need to hold a special town meeting and special election before that point to approve funding for the purchase.
“Our median housing cost is three quarters of a million dollars and condominiums still go for prices beyond people’s reach, and many properties only rent during the summer,” he said. “It’s a once-in-a-lifetime opportunity.”
Partial funding would be sourced from the newly-created year-Round Rental Housing Trust, an element of the town’s efforts to procure more affordable housing for seasonal workers.
The town would go through the court process related to the property’s Chapter 7 bankruptcy status.
In order for the sale to proceed, 80 percent of the timeshare’s owners would need to agree to the sale; otherwise, the property will be foreclosed.
The property sits on a 1.2-acre site and includes 26 one-, two- and three-bedroom wood-frame condominiums.
Selectmen will continue to hash out the details of a possible purchase, according to Panagore.