There are more than 300 names on the waiting list for Province Landing, a new community of affordable apartments in Provincetown, Mass.

Vacation homes in Cape Cod’s Provincetown often sell for more than $1 million. But the average income for year-round residents here is less than $50,000, and unemployment shoots up to 39 percent in the winter months.

To create more affordable housing for people who work and raise their children here, officials chose a site near the middle of town for Province Landing: 50 units affordable to a mix of very low-, low-, and moderate-income households.

“The project came from the community itself,” says Michael Lozano, project manager for affordable housing developer The Community Builders (TCB). “They hired us to carry out their vision.”

The apartments opened in September 2012. The $14.4 million development was financed with help from low-income housing tax credit equity provided by Red Stone Equity Partners and TD Bank. Residents receive services that range from financial literacy, stress management, and job training to after-school programs.

Classic Cape Cod architecture helps the 50 apartments fit gracefully onto a 2.5-acre site. “We took a lot of care to fit in to the community,” says Lozano.

The apartments are also built with triple-glazed windows, extra insulation, and a high-efficiency boiler system. TCB also cleaned up the site, which had decades before been the town burn dump.

Though there is little public transit on the Cape, bicycles are a popular means to get around, and the community offers sheltered bike storage. “There are more bicycles there than I have seen at any other property,” says Lozano.

Vote for your favorite finalist!