|A street elevation rendering of the Lofts at 57 from Ridgewood Avenue.|
Funding for affordable housing has long depended on federal tax credits, a complicated, time-consuming and unreliable method. Using tax credits meant years of waiting “in line” for the funding. With our shortage of affordable housing at a crisis point in our region, we simply don’t have the time to wait.
That is why Housing Assistance Corporation’s Housing Development Department has come up with a new housing development model and a new way to fund it. We call it “pocket neighborhoods,” modeled after historic examples like the gingerbread cottage colony in Oak Bluffs. Our pocket neighborhoods will have a mix of affordable and market rate units; will not rely on federal government funding; and will be able to meet the needs of locals at all income levels.
HAC has purchased a .7-acre lot on Ridgewood Avenue in downtown Hyannis, a centrally located spot near the Hyannis Transportation Center; on the sewer line; and in the Growth Incentive Zone (GIZ). Because of the lot’s location in the GIZ, we were encouraged by the Barnstable Planning and Development Department to pursue a higher density development.
We plan to build eight rental apartments on the property, six of which would be market rate and two of which would be affordable for those earning 80 percent or less of the Area Median Income (AMI) for Barnstable County.
|A rendering of the front elevation of one of the triplexes which features a wrap-around porch.|
Titled the Lofts at 57, the project represents a new development model for HAC and one we hope to replicate throughout our region.
Since last fall, HAC has been working with the Town of Barnstable to vet the project. It has already received approval from Barnstable’s Site Plan Review committee and will next go before the Barnstable Planning Board on February 12. If the proposal receives support from the Planning Board, the final stage will be to obtain Barnstable Town Council’s blessing.
The development would be unique for HAC in that it is a mixed-income community. The rents from the market rate units will support the development costs of the affordable units.
When complete, the Lofts at 57 will be targeted to the Cape’s workforce and is tied to the economic redevelopment of downtown Hyannis, because it is situated on an old abandoned lot with a deteriorated foundation. About 15 years ago, someone tried to build a large single-family home there and never finished it. It’s an eyesore.
In its place will be three structures, consisting of two triplexes and one duplex, that will use modular construction technology, reducing the overall time and cost needed to build them.
Instead of facing outward, the structures will all be facing a shared open space. The intention of the pocket neighborhood is to encourage interaction with neighbors and create a sense of community. We hope to build more of these projects in the coming years, using redevelopment to revitalize our village centers and to bring much-needed “attainable” housing to the region.