Posted on April 20, 2014
MASHPEE, April 20, 2014 --- Community leaders gathered with lenders on April 17 to celebrate the completion of Great Cove Community, a 10-home affordable rental development for families developed by the Housing Assistance Corp. of Cape Cod.
Video of Great Cove grand opening
Great Cove features eight two-bedroom and two three-bedroom apartments, all affordable to families that make less than 50 percent of the area median household income.
"For Mashpee and Cape Cod, this is the right thing to do. We need to provide more affordable housing for people who work on the Cape," said Paul Ruchinskas of the Cape Cod Commission, which awarded $250,000 in federal HOME funds from the Barnstable County HOME Consortium.
MHP used its bank-funded loan pool to provide an $819,000 first mortgage and a $750,000 zero-percent second mortgage loan from its Neighborhood Rentail Initiative Program, which provides subsides to high-cost communities that are trying to develop affordable housing. MHP's $5 million NRI program has supported similar small-scale affordable housing developments for families in Barnstable, Chelmsford, Hopkinton, Mashpee, Sudbury and Truro.
The state provided additional HOME funds as well as financial support through the Affordable Housing Trust Fund and the Community Based Housing Program, which supports housing for people with disabilities. The Town of Mashpee also supported the project with $500,000 in Community Preservatin Act Funds.
For more information about this development and MHP's financing options, contact Senior Loan Officer Nancy McCafferty at nmccaferty@mhp.net.