Agency Planning Housing Lottery Amid Rising Real Estate Prices

HYANNIS – With real estate prices continuing to soar across the Cape Cod and Islands region, the Housing Assistance Corporation is highlighting three affordable housing units up for acquisition through its lottery program.

The three Cape-style homes in Falmouth Heights are deed-restricted to remain affordable in perpetuity, according to the Director of Real Estate with HAC, Gael Kelleher.

At $270,000, the homes are going for much less than the latest reported median sale price of $570,000 by the Cape Cod and Islands Association of Realtors.

“They’re going to be individual homes on individual lots. The neighborhood has other properties in it because this is a chapter 40b, so 25 percent of the housing will be considered affordable as part of the permitting process,” said Kelleher.

“The market rate units that are in there are $900,000 and over a million. So it’s quite an opportunity to be living in a very beautiful neighborhood in a brand new house, and I hope we can get a lot of people to apply.”

As housing inventory continues to dry up on Cape Cod with an influx of new home buyers, Kelleher said that many industries have already begun to feel side effects of little affordable housing.

“You tend not to go out to dinner. You’re just more careful about entertainment things. You go out to dinner and it’s 60 to 70 dollars at an inexpensive restaurant and when you’re that tight on the rent, you can’t. It affects so many things: waiting times, appointments at the doctor’s office, traffic,” said Kelleher.

“Many people are spending 50 or 60 percent of their income on housing and it’s a real tragedy. The kids can’t play sports or go to camp because money is just too tight—and food is getting expensive. A lot of people are moving off Cape for different opportunities too.”

A virtual info session on the lottery listings will be held on Wednesday from 5:30 to 6:30 pm, which can be registered for here.

In addition to the lottery program, HAC also provides rental and mortgage assistance for those having trouble making ends meet.

The Workforce Housing Relief Fund is one such program, which also can help those particularly impacted by COVID.

More information on HAC’s homeless prevention programs can be found here.

About Grady Culhane

Grady Culhane is a Cape Cod native from Eastham. He studied media communications at Cape Cod Community College and joined the News Center in 2019.
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