Posted on September 23, 2015
FALMOUTH, Sept. 23, 2015 --- The grand opening of Notantico Woods was not just an opportunity to celebrate the first affordable housing development ever built in the village of Woods Hole, but also a chance to remember the legacy of Bob Murray, who created and preserved scores of affordable homes as president of the Falmouth Housing Corporation (FHC) before passing away in 2013.
“We completed this project for Bob,” said FHC President Linda Clark at grand opening ceremonies on Aug. 12. “This wasn’t always easy, but if Bob Murray could do it, I knew we could too.”
Murray started the project in 2009 when FHC bought a partially built 6,000-square foot home on three acres that had been abandoned during construction. The project moved slowly for a few years and then Murray fell ill. Shortly before his death in 2013, Murray called Clark, and longtime housing consultant partners David Ennis and Tara Mizrahi of Affirmative Investments and asked them to finish the project after he was gone.
Clark and company got to work, renewing permits, getting deadlines extended, nailing down financing and working closely with the Woods Hole Neighborhood Association and the town to move things forward.
“This was really a true collaboration,” said Heather Harper, Falmouth’s assistant town manager. “Woods Hole is a very tight knit community without a lot of land. Linda Clark really made this happen. She was a joy to work with.”
Notantico Woods consists of 11 affordable apartments, seven in the existing home and four in another building that was built on the site. There are four one-bedroom units and seven two-bedroom units, all affordable to residents earning at or below 60 percent of the area median income (AMI).
The development was built with a Ch. 40B comprehensive permit issued by the town. MHP issued the Project Eligibility Letter which enabled FHC to apply to the town for the comprehensive permit. MHP also provided $700,000 in first-mortgage financing. This is the sixth time MHP has provided financing to FHC for affordable housing in Falmouth. All told, MHP has provided nearly $12 million in loans and commitments for the financing for 182 apartments, 164 affordable. All of it was done with Bob Murray.
Construction financing was provided by Cape Cod Five. Additional funding was provided by the state’s Affordable Housing Trust Fund ($1.4 million), $275,000 in federal HOME funds awarded by Barnstable County and $540,000 in Community Preservation Act funds from the Town of Falmouth.
But time and again, speakers looked beyond funding to credit Murray for providing the impetus to see this through.
“Bob’s greatest gift was his arm twisting ability,” said Dorothy Savarese, President and CEO of Cape Cod Five. “This project proves that dreams can come true with tenacity and persistence.”
To learn more about Bob Murray’s legacy and the annual walk he started to raise money for housing, click here. For more information on this project and MHP's financing programs, contact MHP Senior Loan Officer Nancy McCafferty at nmccafferty@mhp.net.