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Select Board approves $4.0 million for 40 rental units and $925,000 for six ownership homes at Locust Field Road
Summary
As trustees of the Falmouth Affordable Housing Fund the board approved $4,025,000 for a 40-unit Locust Field Woods rental development and $925,000 for six homeownership units, citing need for workforce housing and a mix of AMI-restricted units.
The Falmouth Select Board, acting as trustees of the town—s Affordable Housing Fund, approved two major awards on June 29: $4,025,000 (including $25,000 in predevelopment funds) to Locust Field Woods LLC for a 40-unit rental development and $925,000 (including $25,000 predevelopment) to the Falmouth Housing Trust to support construction of six ownership homes.
Kim Fish, the town—s housing coordinator, said the Locust Field project will deliver 40 rental units with a mix of affordability levels: most units restricted at 60% of area median income (AMI) with a small number at 80% and 100% AMI. Falmouth Housing Trust will build six for-sale units with two restricted at 80% AMI, two at 100% and two at 140% AMI.
Laura Moyahan and representatives from Affirmative Investments and Falmouth Housing Corporation presented site plans and unit mixes. The rental building will include a mix of one- and two-bedroom units, community and bike-storage areas, and on-site management. Developers said the housing addresses a deep local shortage of below-market rental options for workers in the town. Linda Clark of Falmouth Housing Corporation provided local tenant-employment and rent data showing many existing tenants work in town and that typical market rents are materially higher than what the proposed project would charge.
The board voted to award the funds after hearing detailed financing plans that rely primarily on tax-credit equity and other soft funding; the local grant from the Affordable Housing Fund represents about 15% of the overall project capital stack and was described by developers as essential to make the deal feasible.
Select Board members asked about timing, developer fees and the fund—s balance. Town staff noted the fund has sufficient unencumbered balance to enable both awards now; the board also approved a waiver of town permit fees for two affordable homes at Brigantine Drive and Pheasant Lane.
What—s next: Applicants will proceed with detailed permitting and fundraising; a community information session about the Locust Field project was scheduled for July 8 at 5 p.m. at Scranton Main Apartments. The board noted subsequent requests for construction-phase funds or related appropriations would return for separate votes.
Speakers quoted (first reference): Kim Fish, housing coordinator (SEG 5702); Laura Moyahan (SEG 5729); Tara Misrai (SEG 5922); Linda Clark (SEG 5756).
