Affordable Housing in Hyannis Receives $12M Boost
May 18, 2022 : CapeCod.com, by Grady Culhane
HYANNIS – MassDevelopment and Bankfive has provided $11,873,784 million in loan financing to expand affordable housing in Hyannis.
The money will fund real estate holding company Standard Holdings to build a 53 unit mixed-income apartment complex on Falmouth Road.
“Increasing the availability of year-round housing for individuals and families on Cape Cod is an important part of combatting the Commonwealth’s housing crisis,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors.
“Across Massachusetts, MassDevelopment’s financing solutions can help developers create new housing for a range of incomes.”
The three story building will consist of 43 market-rate units and 10 affordable units rented to those earning no more than 50% of the area median income, which is $48,600 for a four-person household.
MassDevelopment is providing a $6 million loan, while BankFive is providing a $5,873,784 loan that MassDevelopment enhanced with a loan guarantee.