Notantico Woods-Adaptive Re-use for Eleven Apartments in Woods Hole
Location: 300 Woods Hole Road
Applicant: Falmouth Housing Corporation
Allocation: $540,000 from the Falmouth Affordable Housing Fund (FAHF)
Year/Authority: 2014, Board of Selectmen
In 2009 the Falmouth Housing Corporation (FHC) bought a home on Woods Hole Road that had been abandoned midway through construction on three acres with the intention of building an additional home to create four one-bedroom and seven two-bedroom affordable apartments. Construction broke ground in December 2014 and was completed in June 2015. The apartments were affirmatively marketed and rented through lottery selection to individuals and families earning 60 percent of or below the area median income (AMI)or less. Three units were set aside for households earning 30 percent of or below AMI. Seventy percent of the units were designated for Falmouth residents only.
Total development costs were $3.7 million and FHC obtained up to $1,750,000 in construction financing from Cape Cod Five Cents Savings Bank, as well as a $700,000 permanent loan from Massachusetts Housing Partnership, $1,730,000 from the Massachusetts Affordable Housing Trust (including a $300,000 five-year bridge loan), a $275,000 County HOME loan, a $460,000 bridge loan from FHC, a $224,226 developer loan from FHC, $250,000 in private donations, and $540,000 from the Falmouth Affordable Housing Fund.