POAH - Preservation of Affordable Housing

The Preservation Challenge
In 2007, a Cape Cod based nonprofit, Housing Assistance Corporation (HAC), received a comprehensive permit to construct a three-phased residential community on a 17 acre parcel of land that had once been selected to be the “campus” of a high tech startup company. Upon purchasing the land and beginning the 40B permit process, the nonprofit was faced with an environmental hurdle; the parcel of land, they had just purchased, was now deemed an environmentally sensitive area due to its proximity to the Phinney Harbor watershed. DEP had adopted policy which would limit the amount of nitrogen that could be released into this fragile watershed (a standard known as Total Maximum Daily Load- TMDL). In order to move forward with its plan to bring affordable housing to this underserved area of the Cape, HAC would need to build a wastewater treatment plant and partner with an abutting property owner to ensure the nitrogen released from the housing development would be offset by treatment of the abutter’s effluent, resulting in “zero net nitrogen” into the watershed.

POAH’s Role
POAH acting in the capacity of a co-developer alongside HAC, secured a Title V permit for the construction and operation of the first phase of the development, The Residences at Canal Bluffs. The project was made possible by $ 4.8 million in 9% low income housing tax credit equity from the Massachusetts Housing Investment Corporation and first mortgage MassHousing. In addition, MassHousing committed PDF (Priority Development Funds) with a second mortgage in support of this project. A number of subordinate funding sources were instrumental in making this project possible; these include the Massachusetts Department of Housing and Community Development and the Barnstable County HOME Consortium.

Construction of the second phase, Clay Pond Cove at Canal Bluffs, is currently underway with an expected completion date of late summer 2012. This phase will include the completion of the wastewater treatment plant which will serve the Canal Bluffs residential community and the abutting retail shopping center.

100 Harmony Hill Drive, Bourne, MA The Residences at Canal Bluffs is the first phase of a multi-phased residential community. The property contains one – two and half story building consisting of 28 units affordable to residents who earn 60% of the median area income. Unit amenities include updated kitchens with microwaves, a common laundry facility, a community room and out-of unit secured storage. Many of the units have ocean and canal views. Located within 1 mile of the Bourne Bridge, the property has easy access to commercial areas, shopping, employment centers and transportation.	Project Partners MassHousing Massachusetts Housing Investment Corporation Affordable Housing Trust Department of Housing and Community Development Barnstable County HOME Consortium The Preservation Challenge In 2007, a Cape Cod based nonprofit, Housing Assistance Corporation (HAC), received a comprehensive permit to construct a three-phased residential community on a 17 acre parcel of land that had once been selected to be the “campus” of a high tech startup company. Upon purchasing the land and beginning the 40B permit process, the nonprofit was faced with an environmental hurdle; the parcel of land, they had just purchased, was now deemed an environmentally sensitive area due to its proximity to the Phinney Harbor watershed. DEP had adopted policy which would limit the amount of nitrogen that could be released into this fragile watershed (a standard known as Total Maximum Daily Load- TMDL). In order to move forward with its plan to bring affordable housing to this underserved area of the Cape, HAC would need to build a wastewater treatment plant and partner with an abutting property owner to ensure the nitrogen released from the housing development would be offset by treatment of the abutter’s effluent, resulting in “zero net nitrogen” into the watershed. POAH’s Role POAH acting in the capacity of a co-developer alongside HAC, secured a Title V permit for the construction and operation of the first phase of the development, The Residences at Canal Bluffs. The project was made possible by $ 4.8 million in 9% low income housing tax credit equity from the Massachusetts Housing Investment Corporation and first mortgage MassHousing. In addition, MassHousing committed PDF (Priority Development Funds) with a second mortgage in support of this project. A number of subordinate funding sources were instrumental in making this project possible; these include the Massachusetts Department of Housing and Community Development and the Barnstable County HOME Consortium. Construction of the second phase, Clay Pond Cove at Canal Bluffs, is currently underway with an expected completion date of late summer 2012. This phase will include the completion of the wastewater treatment plant which will serve the Canal Bluffs residential community and the abutting retail shopping center.
© Preservation of Affordable Housing