MassHousing Provides Funding for Affordable Condos on Cape Cod

MassHousing has provided $10 million in CommonWealth Builder (CWB) financing to the nonprofit Housing Assistance of Cape Cod for the development of Cornerstone Homes in Hyannis, which will deliver 46 new condominium units for purchase by moderate-income, first-time homebuyers and four units that will be used for rental housing. The 50 new condo units will be developed in a three-story building on a vacant lot in downtown Hyannis, formerly occupied by a car dealership.

“Like many areas across the Commonwealth, Cape Cod has high housing costs, and these affordable homes will allow the future residents to start accumulating wealth that they one day may pass to a new generation,” said MassHousing CEO Chrystal Kornegay.

In addition to CWB funding, the project includes $15.3 million in construction financing from Eastern Bank, $1.5 million in Town of Barnstable American Rescue Plan Act funding and $1 million from the Barnstable Affordable Housing Growth and Development Trust Fund.

The post MassHousing Provides Funding for Affordable Condos on Cape Cod appeared first on Connect CRE.