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Select Board approves two $175,000 awards to Falmouth Housing Trust for two small affordable homes
Summary
The Select Board, acting as trustees of the Affordable Housing Fund, approved two $175,000 awards to the Falmouth Housing Trust to develop one 80% AMI three‑bedroom home at 21 Pheasant Lane and one 140% AMI two‑bedroom home at 20 Brigantine Drive.
The Select Board approved two awards from the Falmouth Affordable Housing Fund to the Falmouth Housing Trust on June 1: $175,000 for a three‑bedroom home at 21 Pheasant Lane (deed‑restricted at 80% area median income) and $175,000 for a two‑bedroom home at 20 Brigantine Drive (deed‑restricted at 140% AMI).
Laura Moahan, executive director of the Falmouth Housing Trust, said both properties were awarded to the trust through a town RFP and described the proposals: 21 Pheasant Lane is a small three‑bedroom home on an ~11,000‑square‑foot lot planned for sale at about $285,000 (80% AMI); 20 Brigantine Drive is a narrow two‑bedroom to be sold at roughly $360,000 (140% AMI). Moahan explained the difference in subsidy needs: lower‑AMI homes require more subsidy because sale revenue is lower, while higher‑AMI homes generate more sale revenue and require less outside funds.
The board voted to authorize the town manager to execute award documentation for both projects. Board members praised the Housing Trust for stepping up and noted the town's interest in pursuing more production and exploring additional strategies for permanently affordable land use.
Action: Board approved two awards of $175,000 each (breakdown listed as $25,000 predevelopment and $150,000 construction) and authorized the town manager to execute award documents.
