Falmouth Housing Corporation
Developing affordable housing is never easy, but it is particularly challenging on Cape Cod, which faces constraints in the availability of land and high housing and labor costs.
The Falmouth Housing Corporation (FHC) is a 501(c)(3) non-profit charitable corporation originally established in Falmouth, Massachusetts to deal with a broad spectrum of homelessness issues. FHC’s main mission is to develop compassionate solutions to homelessness problems for families – especially those with children – living in Falmouth and the surrounding communities of Cape Cod.
The Falmouth Housing Corporation is working to address the severe need for affordable housing and services for the homeless, for families and seniors. FHC has developed over 150 units of housing in Falmouth by working with local partners, leveraging state and local resources and managing costs effectively. In addition, FHC has developed space for the Falmouth Service Center, a food pantry, and community gardens.
In 2002, Bob Murray, Executive Director of the Falmouth Housing Corporation and the Falmouth Housing Authority, identified a 2.79 acre site on Main Street in Falmouth. FHC saw the possibility of creating a significant number of rental units for seniors on this site, which was located on major bus routes and close to a town recreation area. FHC approached The Life Initiative for an acquisition loan so the organization could secure the property and an ongoing partnership began. Main Street is now complete and provides 58 one and two bedroom units plus 10,000 square feet of complementary commercial space. TLI also provided a mortgage to support the 5 commercial condos in the Main Street project, which included a daycare center and bank branch.
FHC continued to look for opportunities to purchase sites on the Cape and TLI was able to provide acquisition financing for the Edgerton Drive project, which resulted in the development of 24 new rental units. TLI also provided an acquisition loan for a site on Teaticket Highway, which is a key part of a new development, Veteran’s Park Apartments. Veteran’s Park combines a VFW Hall and Falmouth Housing Authority property, and will allow 39 new affordable units as well as the historic renovation of the second oldest school house in Falmouth and the construction of a linear park. Most recently, TLI provided financing to FHC to acquire a 3.5 acre site to develop 70 units on Perry Street in Bourne, within sight of the Cape Cod Canal and within a newly zoned town center development district. Because of TLI’s relationship and confidence in FHC, we were able to help the organization acquire the site at an early stage in the development.