Posted on June 24, 2003
SANDWICH --- While a public hearing on the state’s controversial affordable housing law was beginning at the State House, a 36-unit affordable rental apartment complex built under the law known as Chapter 40B was celebrating its grand opening on Cape Cod.
“This is an example of what Chapter 40B can do when a community sets its goals and builds housing at a pace that is appropriate,” said Gerry Joseph, vice president of The Community Builders Inc. “There are lots of examples out there of 40B projects that serve their communities and this is one example of how to do it right.”
Located about a mile in from Rte. 6, Osprey Lane consists of nine four-unit buildings set off from each other by banks of trees. Four of the units are handicapped accessible and each building has one three-bedroom unit, with a mix of one and two-bedroom units. All 36 units will be rented to residents earning between 40 and 60 percent of the area’s median income, which for a family of four ranges between about $25,000 and $35,000 per year. Seventy percent of the units have been rented to Sandwich residents.
“Housing is desperately difficult to find,” said John Walling, 42, a lifelong Sandwich native and resident at Osprey Lane. “It’s all about trophy homes and rentals for big money.”
“It’s housing for second and third generation Sandwich families that are being priced out,” added Melissa Nichols, senior property manager for The Community Builders, the project’s developer.
While Walling and Nichols talked about the need for housing, the state legislature's housing committee was holding a public hearing on Chapter 40B. Nearly 70 bills have been filed, some propsing to weaken or do away with the law. However, a task force appointed by Governor Mitt Romney recently issued a report of findings and recommendations that keep the law intact while addressing local concerns.
MHP is committing $900,000 in permanent long-term financing to the effort. In addition, Osprey Lane Osprey was financed through a combination of loans, grants and equity capital. A total of $2.6 million is being financed with federal low-income housing tax credits. The Winter Hill Federal Savings Bank is providing construction financing of $900,000. Additional funding sources include a HOME Investment Partnership Program loan from the Cape Cod Commission ($50,000); the Barnstable Country Rental Fund ($50,000); Department of Housing and Community Development HOME loan ($550,000); the state’s Affordable Housing Trust Fund ($440,000); and the Federal Home Loan Bank ($250,000).
MHP uses lines of credit from the banking industry to provide long-term loans for affordable housing and neighborhood development. For more information, call 617-338-7878 x227.
(PHOTO INFORMATION: This photo of Osprey Lane was taken in April 2003. The project is now completed and a dedication ceremony was held on June 24).