Canal Bluffs was the first phase of a multi-phased residential community containing 28 units affordable to residents who earn 60% of the median area income. Located within 1 mile of the Bourne Bridge, the property has easy access to commercial areas, shopping, employment centers and transportation.
In 2007, a Cape Cod-based nonprofit, Housing Assistance Corporation (HAC), received a comprehensive permit to construct a three-phased residential community on the 17 acre parcel of land that had been slated for a high tech startup company. After purchasing the site, the nonprofit was faced with an environmental hurdle; the parcel of land was now deemed an environmentally sensitive area due to its proximity to the Phinney Harbor watershed.
POAH acting in the capacity of co-developer with HAC, secured a Title V permit for the construction and operation of the first phase of the development called 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 a first mortgage from MassHousing.
The completion of Canal Bluffs paved the way for a second phase, Clay Pond Cove which included the completion of the wastewater treatment plant that serves the whole Canal Bluffs residential community and the abutting retail shopping center.
- Affordable Housing Trust
- Department of Housing and Community Development
- Barnstable County HOME Consortium
- Massachusetts Housing Investment Corporation (MHIC)