A groundbreaking ceremony was held for the 60-unit Village Green apartments, which will bring new housing opportunities for families on Cape Cod.
The Barnstable, Mass., community will feature two 30-unit, three-story buildings situated around a central green. The Energy Star-certified buildings will be built using modular construction.
There will also be a community building with a fitness center, communal space, and a playground.
Construction is expected to be completed early next year, and the units will start renting next spring.
“This project has been a long time coming and is the culmination of a lot of collaborative work between our team and the local officials in Barnstable,” says Roberto Arista, co-founder and president of developer Dakota Partners of Waltham, Mass. “The units at Village Green will provide a modern, affording housing option for local workers and their families on the Cape.”
The $15.9 million low-income housing tax credit development closed on its financing in June. Financing partners include Bank of America Merrill Lynch and Stratford Capital Group. Village Green is Dakota’s sixth project with the bank in the past six years.
There’s a gap of about 3,000 affordable and available units to extremely low income renter households in Barnstable County, according to a map of the affordable housing gap by the Urban Institute. For every 100 extremely low income renter household, there are only 49 affordable and available rental units in the area.
A second, identical phase of the project is expected to begin in the fall of 2015 and will bring the total number of units to 120.