FALMOUTH- The Falmouth Housing Corporation is planning to break ground on 20 new one-bedroom affordable rental units in the coming years.
The project is planned to be broken up into two phases, with the first one allowing for 10 units to be split across two main buildings, with six in one and two located in the other.
“It’s out at 587 Gifford’s Street, we currently own the property. We have 36 existing units on that property, all affordable ranging from 30-80 percent,” said Linda Clark, Falmouth Housing Corporation Director.
“For the first phase 10 units, the estimated cost is $2.5 million. The Affordable Housing Fund has made a recommendation for $650,000 [and it has been accepted]. We have applied for our funding for $1.3 through the Community Scale Housing Initiative. Permanent mortgage would be at $480,000 and we still have a gap of $100,000 on the project,” said Clark.
Rent for new units are being reported to range from $808 to $1,150 depending on the level of the renters income.
The project would be placed at the current Falmouth Service Center’s Community Garden. The Garden is currently looking for new locations to place their business.
If all goes smoothly, Clark hopes that ground could be broken as soon as November.
By JOHN BONDREK, CapeCod.com NewsCenter
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