Village at Nauset Green, a 65-unit multifamily development currently leasing units will be complete in May 2020. Located in Eastham, Massachusetts the 11.2-acre development site was acquired by the Town of Eastham and designated for use as affordable housing. In June 2016, after a competitive Request for Proposals process, Pennrose was selected as the developer for the parcel. Since that time, Pennrose and our development team have been working in conjunction with the Town to develop a high quality affordable and workforce housing project.
Of the 65 units in the community, 11 units serve extremely low-income individuals and families earning up to 30% of the Area Median Income (AMI), and 39 serve low-income individuals and families earning up to 60% of AMI. The remaining 15 units are Workforce units for individuals and families up to 100% of AMI. The development contains 27 one-bedroom units, 31 units, and 7 three-bedroom units.
From site plan to building typology and façade, the design for Village at Nauset Green aims to evoke the local Cape Cod style and create a small village feel for residents and the community at large. The development utilizes a cluster-type design centered around two common green spaces that will offer both active and passive recreation opportunities for people of all ages. The cluster development is sensitive to the environment and creates a framework for neighbors to interact with one another. The development consists of eighteen mid-rise, wood frame buildings with steeped roofs, reflecting the local neighborhood design. Utilizing the existing topography, we mask the scale of the buildings and make them appear as two-story structures. The whole development is designed to meet LEED Silver standards.
The property is managed by a Pennrose affiliate management company, Pennrose Management Company (PMC). PMC provides on-site management and maintenance, and also supportive services geared towards both senior and family populations. Pennrose will also partner with local supportive service organizations to provide additional services for seniors and families.
The development is financed using a variety of sources. A total of $10 million in federal low-income housing tax credits and $4.375 million in state tax credits was provided by the Commonwealth of Massachusetts Department of Housing and Community Development (DHCD). The federal credits were purchased by JP Morgan Chase with Hunt Capital as the syndicator. Dorfman Capital provided the MA LIHTC equity. DHCD also provided $2.55 million through a combination of HOME, Affordable Housing Trust, and Housing Stabilization funds as well as 11 Project Based Vouchers, including 3 from the Section 811 program. A $10.28 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. Additional funding of $1.45 million comes from the Town of Eastham Community Preservation Committee, the Town’s Affordable Housing Trust and Town general funds. MassHousing provided $1.5 million from its Workforce Housing Program. The Towns of Wellfleet and Orleans each provided $100,000 towards the project’s financing.