Stable Path, Provincetown

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OCCUPANCY began May 2016

Stable Path is a new neighborhood in Provincetown, developed by Community Housing Resource, Inc. (CHR), off Race Point Road heading to the Cape Cod National Seashore.  This development consists of 23 rental homes in 10 buildings on 2.25 acres of land. Rental homes at Stable Path are managed by CHR.

Stable Path offers an array of studio/efficiency, one-, two-, and three-bedroom rental homes, for low, moderate, and median income applicants.  A diversity of unit plans caters to both small and large households.

1 – Studio/Efficiency Home, ADA compliant
1 – Studio/Efficiency Home, single level
3 – One-Bedroom Homes, single level
15 – Two-Bedroom Homes
1 – Two-Bedroom Home, ADA compliant
2 – Three-Bedroom Homes

Careful planning over several years has allowed us to create a new neighborhood of homes along a pleasant roadway that winds between large trees that were carefully mapped to preserve as many as possible.

The buildings are two to four units, each of modest scale in keeping with surrounding neighborhood of single and multi-family homes.  The architectural forms of the smaller buildings reflect gable, half gable, and shed roof styles of the Provincetown vernacular.  Resident parking on the site is provided in small clusters convenient to the individual units, and visitor parking is also available.

All local regulatory approvals necessary to begin construction were received by September 2011.  Low Income Housing Tax Credits and other essential subsidy funds from MA DHCD were awarded in July 2014.  Closings on financing occurred at the end of May 2015, construction began immediately thereafter, and was completed in June 2016.  Occupancy began at the end of May 2016.

Stable Path created rental housing opportunities for a range of incomes and household types.  Eighteen (18) of the 23 rental homes serve households with incomes below 60% of Barnstable County Area Median Income (AMI) utilizing the Low Income Housing Tax Credit Program as the major subsidy source for the development; half of those units serve Extremely Low Income (below 30% AMI) individuals and households with Project Based Rental Assistance.  Other subsidy sources allow 5 homes to serve households between 60% and 100% of the AMI.

The development of Stable Path was supported by a variety of public and private sources, including Massachusetts Department of Housing and Community Development, Low Income Housing Tax Credit Program, Affordable Housing Trust Fund Program, Housing Stabilization Fund, HOME Investment Partnerships Program, Project-Based Rental Assistance through Federal Section 8 Program and Massachusetts Rental Voucher Program, Barnstable County HOME Consortium Home Investment Partnerships Program, Town of Provincetown Community Preservation Act and Affordable Housing Trust Fund. Construction Financing provided by Citizens Bank. Equity Investors – Stratford Capital Group. Permanent Financing by Massachusetts Housing Partnership Fund.

The development is currently the recipient of rental housing subsidy from the following subsidy programs and mortgage financing sources, and is subject to applicable laws, regulations, and guidelines, as follows:

Federal/State Housing Programs
Low Income Housing Tax Credit Program DHCD FY2016 allocation of $347,332 (to yield a $3,000,000 equity investment)

DHCD
– HOME Investment Partnerships Program:  $550,000
– Housing Stabilization Fund:  $500,000
– Affordable Housing Trust Fund:  $1,000,000

Local Housing Programs

Barnstable County HOME Consortium:  $225,000

Town of Provincetown
– Provincetown Community Preservation Act:  $560,000
– Provincetown Affordable Housing Trust Fund:  $175,000

Project-Based Rental Assistance

US Department of HUD Section 8 Program

DHCD MA Rental Voucher Program

Interim / Construction Period Lenders

  • Interim Acquisition Re-Financing
    Massachusetts Housing Investment Corporation
  • Construction Funding
    Citizens Bank, N.A.

Project Affordability
100%