Posted on January 13, 2014
BARNSTABLE, Jan. 13, 2014 --- State and local officials recently gathered to celebrate the ribbon-cutting ceremony for Stage Coach Residences, a 12-unit affordable family development in the Centerville Village of Barnstable.
Developed by the Barnstable Housing Authority, the development features six one-bedroom units and six two-bedroom duplexes, all affordable to families under 60 percent of area median income or no more than $49,140 for a family of four. The 12 apartments are spread throughout three buildings and the site also includes 24 parking spaces.
“This is a wonderful development that was a long time coming,” said Sandee Perry, Executive Director of the Barnstable Housing Authority. “251 families applied for these 12 units which shows how great the need is.”
Stage Coach Residences was developed through MHP's Neighborhood Rental Initiative Program, a $5 million privately-funded subsidy program that supports the creation of affordable housing for families in high-opportunity communities characterized by good schools, proximity to jobs, high housing costs, and a shortage of affordable housing.
Other communities that have used the NRI program include Acton,Chelmsford,Hopkinton, Mashpee, Sudbury and Truro.
For Stage Coach Residences, MHP has provided $850,000 in first-mortgage financing from its bank-funded loan pool and $750,000 in NRI second mortgage financing. Additional financing was provided through the state’s HOME Investment Partnerships program and Affordable Housing Trust Fund program. The project also received a HOME loan from Barnstable County, Community Preservation Act grant funds from the Town of Barnstable and Development of Regional Impact grant funds from the Cape Cod Commission.
“Under Sandee’s strong leadership, the Barnstable Housing Authority has shown that you can create affordable housing and supply open space,” said Aaron Gornstein, the state’s Undersecretary of Housing and Economic Development. “The need for affordable housing for families and seniors is overwhelming, especially here on the Cape.”
As of April, 2013, 6.6 percent of Barnstable's housing is considered affordable, according to the state's Ch. 40B Subsidized Housing Inventory list.
For more information about this development and MHP's financing programs, contact MHP Senior Loan Officer Nancy McCafferty at 617-330-9944 x287.