Groundbreaking Ceremony Held for Eastham Affordable Housing Development

EASTHAM – Officials in Eastham joined the developer Pennrose last week for a groundbreaking ceremony for a new affordable housing development.

Village at Nauset Green is a $23 million project that will construct 65 affordable and workforce housing units on an 11-acre site off Brackett Road.

The development will accommodate individuals and families with a range of incomes and adults with disabilities.

Eleven units will serve households earning up to 30 percent of the Area Median Income and 39 units will be for families earning up to 60 percent of AMI. The remaining units will be workforce units for families set at rents equal to 90 percent of AMI.

There will also be three units for adults with disabilities.

The development will feature a cluster-type design centered around two common green spaces to include recreational opportunities. Developers say it will evoke the local Cape Cod style with a small village feel.

The village will include one-, two- and three-bedroom apartments.

Additional amenities include a community room, community garden, and a pocket park in the front of the site.

“We commend the Town of Eastham for their hard work and having the vision to establish much needed affordable and workforce housing that will better serve local residents,” said Charlie Adams, Regional Vice President at Pennrose.

“With a very low percentage of affordable housing in the region, Village at Nauset Green will help bridge this gap by creating a high-quality development that is an asset to the community.”

Funding for the project includes $10 million over ten years in federal low-income housing tax credits, and $4.375 million in state tax credits over five years from the Commonwealth of Massachusetts Department of Housing and Community Development.

The federal credits were purchased by JP Morgan Chase with Hunt Capital as the syndicator. DHCD also provided $2.55 million through a combination of HOME, Affordable Housing Trust, and Housing Stabilization funds as well as 11 Project Based Vouchers, including 3 from the Section 811 program.

A $10.2 million construction loan was provided by Bank of America and a $4.4 million permanent first mortgage will be provided by the Massachusetts Housing Partnership. Additional funding of $1.45 million comes from the Town of Eastham Community Preservation Committee, the Town’s Affordable Housing Trust and Town general funds.

MassHousing provided $1.5 million from their Workforce Housing Program. The Towns of Wellfleet and Orleans each provided $100,000 towards the project’s financing.

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