Falmouth Housing Corporation

FALMOUTH

Developing affordable housing is never easy, but it is particularly challenging on Cape Cod, where land is scarce and housing costs are high..

The Falmouth Housing Corporation (FHC) is working to address the severe need for affordable housing and services for the homeless, for families and seniors.

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, an ideal site for senior housing.  The Life Initiative provided 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, a daycare center and a bank branch.

TLI has since provided permanent financing in Falmouth,  as well as 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 formed a key part of  the development of Veteran’s Park Apartments,  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.

• Land loan to acquire and hold sites
• Construction financing for rental housing and commercial property
• First mortgage permanent debt for housing and commercial