Housing Assistance Corporation Blog

Editorial: The High Cost of Doing Nothing

Posted by Alisa Galazzi on Wed, Nov 07, 2018 @ 02:11 PM

 

Housing Study-2 (October 24, 2018)

At Housing Assistance Corporation, we have been on the frontlines of providing affordable housing since 1974. Today, our challenges have never been greater. The shrinking supply of year-round housing is getting worse. It is impacting families, businesses, and municipalities. It is a threat to the health of our economy and the very character of Cape Cod. 

The reasons behind this crisis are simple. Since Cape Cod is a desirable location to live and vacation, non-residents and investors are increasingly buying existing year-round properties and converting them into short-term rentals or keeping them for their own occasional use. The stock of year-round housing is rapidly depleting and therefore, prices are out of reach for Cape Cod residents. 

As the regional housing agency on Cape Cod, we decided to take a step back and analyze the internal and external causes of the region’s housing shortage, its impact and possible solutions. We started with two simple questions — what would happen if we did nothing? What more can we do?

Those questions formed the basis of a white paper, “Housing On Cape Cod: The High Cost of Doing Nothing”, that our agency released last month. 

For this report, we relied on the analysis of numerous sources. We interviewed business and community leaders about the effects of the housing crunch. The research and conversations shaped our thinking and recommended strategies. For example, in addition to developing affordable housing units, Housing Assistance Corporation is now investing in the development of market-rate units that will help alleviate the housing shortage. More year-round housing will change the supply dynamic in the marketplace and add more options for all income groups. 

Additionally, HAC is launching Rent 365, a pilot program that incentivizes homeowners to convert their seasonal or vacation homes into year-round rentals. 

This is a challenging time for our region. Low-income families suffer first and most acutely if we do nothing, but they are not alone. Uniting and finding purposeful strategies that mitigate and eventually solve our housing crisis will be of great benefit to our region. If we keep approaching housing in our region with the same old strategies, we will only continue to feed the worsening and self-perpetuating housing shortage for year-round residents. 

Let’s try some new ideas. 

I welcome your thoughts and your suggestions on how we can meet this challenge together.

Housing on Cape Cod: The High Cost of Doing Nothing

Visit www.capehousing.org to read HAC's new report which identifies new strategies for addressing the region's housing crisis. 

 

Tags: Housing on Cape Cod, Alisa Galazzi, white papers, housing research, rental housing, Rent 365, Editorial, housing crisis

Editorial: Housing Development Strategy

Posted by Alisa Galazzi on Fri, Dec 29, 2017 @ 03:54 PM

Galazzi_HACbeat (2017).jpg

One of my priorities when I came on board at Housing Assistance Corporation last January was to review the agency’s real estate holdings and evaluate their financial viability. This evaluation, coupled with a needs assessment, will lay the foundation for HAC’s long-term housing production strategy and future planning efforts.

Over our 40 years on Cape Cod, Housing Assistance Corporation has developed 500 units of affordable housing. We have partnered with the nonprofit POAH (Preservation of Affordable Housing) on several recent projects, including the award-winning Melpet Farms rental housing complex in Dennis; Canal Bluffs 3 in Bourne, which is currently under construction; and Brewster Woods in Brewster, which is in pre-development.

HAC also owns well-regarded affordable housing rental developments, Kimber Woods and Lombard Farms, both in West Barnstable, as well as Southside Village in Hyannis.

Melpet Farm-2.jpgThe Residences at Melpet Farms in Dennis, completed in 2015. 

We also own a 40-acre site in Sandwich with one home on it, as well as three family shelters and a few apartment complexes, condominiums, duplexes and a single-family home.

Over the next year, we will have completed an evaluation of all of our assets and we will be ready to implement new initiatives.

One new idea our Housing Development Department is pursuing is the development of multi-family housing in “pocket” neighborhoods on appropriate sites that could support up to 10 one- and two-bedroom units. These small developments will replicate old-style neighborhoods with homes surrounding a community green.

Here at Housing Assistance Corporation, we want to continue to be a part of the solution to the shortage of housing in the region while continuing to help our most vulnerable residents. We will continue to explore different ways to fulfill our mission. On behalf of our clients—more than 5,300 last year on Cape Cod, Martha’s Vineyard and Nantucket—thank you so much for your support of Housing Assistance Corporation during the holidays and all year-round.

Tags: Affordable Housing Development on Cape Cod, Housing Development, Alisa Galazzi, Editorial, POAH, Affordable Development on Cape Cod, Melpet Farm Residences, Kimber Woods, Lombard Farms, Canal Bluffs