POAH begins construction on Bourne affordable housing family development
Bourne, MA – RealEstateRama – Preservation of Affordable Housing (POAH) has begun construction on 42 units of affordable housing on a parcel owned by the Bourne Housing Authority near Sagamore Beach. The 3-story Cape View Way development is a partnership between POAH and Housing Assistance Corporation. Twenty six apartments will be available to residents earning 60% of the area median income (AMI) with 16 units subsidized for residents at 30% of AMI.
The building will be designed to Passive House energy efficiency standards and offer a mix of 9 one-bedroom, 28 two-bedroom, and 5 three-bedroom apartments. Four apartments will be handicapped-accessible – 3 fully accessible and 1 accessible to sensory-impaired residents. Residents will also benefit from a community room, mail room, library, outdoor entertainment area and basement storage.
Cape View Way’s Passive House design is another of POAH’s continuing efforts to build sustainable housing on Cape Cod. Earlier this year, Brewster Woods, a 30-unit development that serves low- and moderate-income households on Cape Cod, was the first multi-family Passive House certified project on Cape Cod.
“The 42 units at Cape View Way will make a life-changing difference for dozens of families and individuals,” said Housing Assistance CEO Alisa Magnotta. “Cape View Way is an example of how partners can combine their strengths to create safe, stable housing. Working together, we can take steps to address the region’s protracted housing crisis.”
“POAH appreciates our partners’ support for this critical affordable housing on Cape Cod,” said POAH President and CEO Aaron Gornstein. Public/private partnerships such as this help us create more homes for many who could otherwise not afford to live here – especially low-income families and disabled individuals.”
The project is funded through state-allocated federal sources include 9% Low Income Housing Tax Credits and American Rescue Plan Act (ARPA) funding plus MA Executive Office of Housing and Livable Communities gap funding including Affordable Housing Trust Fund, Housing Stabilization Fund, Housing Innovation Fund and local funding includes ARPA, CPA, and County HOME funding.
National Equity Fund (NEF) is the tax credit syndicator, Rockland Trust is the construction lender, and Massachusetts Housing Partnership (MHP) is the permanent lender and is providing a HUD risk-share loan with a reduced interest rate tied to Passive House certification as part of its Green and Healthy Housing Program. POAH secured a comprehensive permit in January 2022 through the Massachusetts Chapter 40B Affordable Housing Zoning Law. The permit was issued by the Bourne Zoning Board of Appeals. Completion and lease-up are expected by early 2025.
