Pennrose Breaks Ground on $23M Affordable Housing Community on Cape Cod
EASTHAM, MASS. — Penrose has broken ground on Village at Nauset Green in Eastham. The $23 million project will consist of 65 affordable and workforce housing units spread across more than 11 acres. The property will accommodate individuals and families with a range of incomes, including 11 units serving households earning up to 30 percent of the area median income (AMI) and 39 units serving households earning up to 60 percent of AMI. The remaining units will be Workforce units for families set at rents equal to 90 percent of AMI. Pennrose Management Co. will provide on-site management and maintenance, as well as supportive services geared toward both senior and family populations. Amenities include a community room, community garden and a pocket park at the front of the site to be used by all residents of Eastham and users of the nearby Cape Cod Rail Trail. Funding for the project included $10 million over 10 years in federal low-income housing tax credits and $4.375 million in state tax credits over five years from the Commonwealth of Massachusetts Department of Housing and Community Development. A $10.2 million construction loan was provided by Bank of America and a $4.4 million permanent first mortgage will be provided by the Massachusetts Housing Partnership. Additionally, MassHousing provided $1.5 million from its Workforce Housing Program.