Housing Assistance Corporation kicked off its latest housing development with a groundbreaking for the Lofts at 57 earlier this week.
Consisting of 8 rental apartments developed as a pocket neighborhood on Ridgewood Avenue in Hyannis, the Lofts at 57 represent a first in Housing Assistance’s 45-year history as they mix affordable units with market rate ones.
“Barnstable is a microcosm for the housing issues the entire Cape is facing,” Housing Assistance CEO Alisa Magnotta said. “We sorely need rentals across all income levels on Cape Cod, especially Barnstable which has a rental vacancy rate of only 1 percent. The Lofts at 57 is one step of many we’re taking to address the region’s lack of rentals.”
“This project strengthens downtown Hyannis as a community where residents can live, work, and enjoy the exceptional quality of life Barnstable has to offer,” Town Manager Mark Ells said. “The addition of 8 new residential units, including two that are affordable, will help to address the severe shortage of rental housing in our town.”
Barnstable Town Councilor James Tinsley, Housing Assistance Board Member Peter Freeman, Housing Assistance Director of Housing Development & Planning David Quinn, and Housing Assistance Director of Production & Maintenance Keith Trott joined the pair at the event.
“Along with wastewater, housing is our number one issue,” Tinsley said. “The only way we can grow economically is to do projects like this.”
The Lofts at 57 is expected to be completed in early spring 2020 and will feature 6 one-bedroom apartments and 2 two-bedroom ones contained in three buildings around a central lawn. Each apartment will include two floors of living space, basement storage space and parking. Rents will range from $1,200 per month to $1,800 per month.
Two of the one-bedroom units will be deed restricted as affordable for those earning up to 80 percent of the Area Median Income (AMI) for Barnstable County.
Pre-application forms are available by clicking this link or at Housing Assistance’s office at 460 West Main Street, Hyannis.
Housing Assistance purchased the .7-acre Ridgewood Avenue lot at the beginning of last year. The Lofts at 57 is centrally located, near the Hyannis Transportation Center, and is tied into the town’s sewer line.
The Town of Barnstable provided $550,000 in funding to support the project through Community Preservation Act (CPA) funds as well as its Affordable Housing Growth Development Trust Fund. Housing Assistance received additional project funding though the Massachusetts Development Finance Agency Loan program.