Province Landing Brings Affordable Housing to
World Class Resort Community

Part of $368 Million National Program to Develop Workforce Housing in Nine States and Washington D.C.

PROVINCETOWN, MA - June 23, 2011: This waterfront community known the world over as an idyllic resort, is now the testing ground for a $368 million national effort to develop affordable housing that uses private and public funds to stabilize neighborhoods shaken by foreclosures and where rising housing costs are pushing out local residents. In May, The Community Builders, one of the nation’s largest non-profit developers of affordable urban housing, started construction here on the $14.5 million, 50-unit Province Landing. In about a year, it will deliver a high quality, green rental community for year-round residents with modest incomes.

For generations, this Cape Cod town has attracted beach lovers to play in its waters and on its pristine sands. But at the same time, the constantly rising cost of vacation housing has drained the affordable housing supply, leaving few if any choices for year-round folks who work here and add to the unique P -Town character that attracts visitors from around the globe.

Now after five years of effort and investment by the Town and the non-profit TCB, they’re turning a once contaminated dump into beautiful housing for low and moderate income renters that is walking distance from the center, LEED Silver certifiable and Energy Star compliant. The town will own the Province Landing site and TCB, the developer with a long term lease hold, will always keep the housing affordable.

Province Landing’s funding comes from private, local, state and federal sources. For construction, the largest source is $11.7 million from the U.S. Department of Housing and Urban Development Neighborhood Stabilization Program 2 (NSP2). The major sources of private financing are: $9.1 million in equity from low income housing tax credits.

In February 2010, the federal government awarded TCB $78 million of NSP2 funds to revitalize communities hurt by the foreclosure crisis. These funds will directly lead to about $290 million in additional public and private debt and equity. With it, TCB will create or preserve about 2800 units of affordable housing in Massachusetts, Connecticut, New York, Pennsylvania, Ohio, Virginia, North Carolina, Indiana, Illinois, and the District of Columbia. By using NSP2 funds to get “shovel ready” multifamily buildings into construction, TCB will fast track the revitalization of blighted property, create jobs and bolster local tax revenues.

Since TCB won the NSP 2 grant, it has committed approximately $66 million to produce 847 units of affordable housing. That includes 669 apartments in abandoned or foreclosed properties and 178 in new buildings on empty sites in neighborhoods with high foreclosure and vacancy rates.

Meanwhile in four other Cape and Island towns short on affordable housing, Mashpee, Sandwich, Chatham and Edgartown, TCB is developing 288 rental apartments in four mixed income communities. This is a substantial addition to the affordable housing stock in these towns where developable land is scarce and costly.

In Provincetown, like many resort communities, well-paying year round jobs are tough to find. As of March 2010, off season, unemployment stood at 36.5% and the poverty rate among permanent residents at 16.28%. The lack of good jobs coupled with the high cost of housing has been pushing people out of P-town for decades. But the financial crisis and subsequent foreclosures have dramatically affected year round residents who account for 50% of the foreclosures. Provincetown is a small community so the absolute numbers aren’t huge but the effect on the community is deep, including schools shuttered for lack of students and businesses short of labor.

Province Landing at 90 Shank Painter Rd., on a 2 ½-acre remediated brownfield site owned by the Town, is a new complex designed by Durkee Brown Viveiros Werenfels with six Cape style buildings linked by private walks and driveways. Inside will be: 25 one-bedroom, 21 two-bedroom and 4 three-bedroom apartments plus 2,500 square feet of community space. Five units have been designated for tenants earning less than 30% of the area median income, 36 apartments for those between 31% and 60% and nine for those between 61% and 80%. Among these, three units will have enhanced accessibility features for residents with special needs. Interiors feature high quality, durable finishes such as bamboo flooring and recycled carpet.

Permanent Financing Sources
Federal low income housing tax credits ($8.5 million), TCB’s NSP 2 funds ($1.8 million) , Mass Housing Partnership($1.5 million), Mass Housing’s Affordable Housing Trust Fund ($1 million), state low income housing tax credits ($650,000), state Department of Housing and Community Development HOME funds ($550,000), Community Based Housing Program ($400,000), Barnstable County HOME Consortium ($125,000), Energy Star rebates ($32,500). In addition, CEDAC and Life Initiative provided predevelopment financing.

Province Landing Brings Affordable Housing to World Class Resort Community

Province Landing Brings Affordable Housing to
World Class Resort Community