Affordable Housing Growth & Development Trust

  The Trust provides for the preservation and creation of affordable housing in the Town of Barnstable for the benefit of low- and moderate-income households.

The Trust has issued a Notice of Fund Availability for projects in the following categories:

• Predevelopment Activities. Predevelopment Activities. Funds are available for pre-development work to determine the viability residential development on a vacant or developed site. Funds available for architect and engineering fees, financial feasibility analysis, appraisals, 21E reports, and other costs associated with examining the feasibility of an affordable housing and/or community housing development. Funds will be secured by a mortgage and promissory note. Maximum funding per project is $50,000.
• Development FDevelopment Funds are available to provide for gap funding to support the development of affordable/community housing rental or homeownership units. Development activities include redevelopment of existing structures or buildings, land acquisition, new construction, or conversion of market units to affordable housing units. Potential funding per affordable unit is up to $100,000 and is up to $50,000 per community housing unit. The specific amount to be awarded will depend on the Trust's evaluation of the particular aspects of each project as they relate to the established housing priorities and evaluation criteria as referenced in the NOFA. Total potential maximum funding for an affordable housing project of $1,000,000 and $260,000 for a community housing project. Affordable units must comply with requirements established by the MA Dept. of Housing and Community development for Subsidized Housing Inventory (unit restricted in perpetuity).
• Affordable Homeownership Preservation Funds available to assist a for profit or non-profit entity to purchase and rehabilitate distressed bank owned deed-restricted affordable homeownership units to make them habitable for resale to eligible homebuyers at a purchase price that is affordable to an individual or family with an income at 80% of the Area Median Income subject to an Affordable Housing Restriction (AHR) in perpetuity.