Falmouth Affordable Housing Fund
Trustees: Falmouth Board of Selectmen
Source of Funds: Appropriations from the Community Preservation Fund to date. The Fund may also accept donations and grants.
The Falmouth Affordable Housing Fund (FAHF) was created in 2011 through special legislation at the instigation of the Community Preservation Committee (Chapter 29 of the Acts of 2011) to provide funds for affordable housing without requiring developers to wait for November or April Town Meetings. The Board of Selectmen are its trustees, and funding approval depends on a positive recommendation by the Community Preservation Committee. Awards are made for the “promotion, expansion, and retention of the affordable housing inventory in Falmouth.” Total funding to date has amounted to $2.4 million and loans or grants amounting to a total $1.06 million have been awarded to the following entities:
In November 2016, Town Meeting appropriate $300,000 from the CPFund to the FAHF to cover 80 percent of the salary of a new position for the Town, that of Housing Coordinator, for three years. The coordinator will pursue multiple avenues to expanding and maintaining affordability of Falmouth community housing for workforce families and individuals (earning as much as 120 percent of the Area Median Income) as well as for low- and moderate-income families, older people on fixed incomes, and disabled individuals.
- The Resource Inc. in 2012 for rehabilitation of three apartments in a house on Shore Street in Falmouth - $183,000
- Town of Falmouth in 2013 for Housing Demand Study - $25,625
- Falmouth Housing Trust for construction in 2013 of three single-family homes on St. Marks Road in East Falmouth - $120,000
- Falmouth Housing Corporation in 2015 for construction of eleven apartments in an adaptive reuse and new construction on Woods Hole Road (Notantico Woods) - $540,000
- Falmouth Housing Trust in 2015 for construction of four apartments in an adaptive re-use of Odd Fellows Hall on Chancery Lane in Falmouth - $208,000
Previous versions of the Falmouth Affordable Housing Fund, the Housing Retention Fund and the Housing Development Fund, both of which received their revenues from the Community Preservation Fund, supported the following affordable housing projects for awards totaling $1 million:
- Falmouth Housing Corporation in 2006 for site preparation for the adaptive reuse of three single-family homes, on Ward and Chester streets in North Falmouth and on Cloverfield Way in East Falmouth - $75,000
- Falmouth Housing Corporation in 2007 for the construction of 39 apartments in the complex known as Schoolhouse Green on Teaticket Highway in East Falmouth - $700,000
- Falmouth Housing Trust in 2008 for an appraisal of a home on Sandwich Road for feasibility of its adaptation to affordable housing - $700.00
- Falmouth Housing Corporation in 2009 for the buy-down of three homes on Sam Turner Road and Esker Place – $137,000
- Falmouth Housing Corporation in 2009 for buy-down of three homes on Longshank Circle - $89,000