HYANNIS – A Hyannis housing development has received a quarter million dollars in state funding through the Community Scale Housing Initiative.
The initiative is a collaboration between the Department of Housing and Community Development and MassHousing to provide funding for smaller scale affordable housing projects.
Housing Assistance Corporation’s Lofts at 57 on Ridgewood Avenue will include eight units – two of which will be affordable.
The affordable units will be for households earning less than 80 percent of area median income.
The Town of Barnstable is providing $200,000 in Community Preservation Act funds and $350,000 in AHT funds.
The Hyannis development was one of four in the state to receive a total of $4.2 million in funding through the third round of the initiative.
“Massachusetts’ housing shortage continues to be a major concern for our region’s top employers, and negatively affects our ability to maintain our highly skilled workforce,” said Housing and Economic Development Secretary Mike Kennealy.
“Our administration has invested more than $1 billion in the affordable housing ecosystem, supported new housing production through MassWorks, the Housing Development Incentive Program and through our Housing Choice Initiative to boost production so households across the income spectrum can find housing they can afford.”
The initiative builds on the Baker-Polito Administration’s efforts to increase housing production of all types, including new market-rate development in Gateway Cities through the Housing Development Incentive Program and new capital grants to encourage production through the Housing Choice Initiative.
MassHousing also provides Planning for Production technical assistance grants to bolster local planning capacity by assisting municipalities in implementing housing production goals to deliver new, mixed-income housing developments.
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