Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Affordable topic
No spam. Unsubscribe anytime.
Select Board approves $2.6M award for 545 Main Street to fund 50 affordable rental units, 3–2
Summary
The Falmouth Select Board, acting as trustees of the Affordable Housing Fund, voted 3–2 on July 27 to award $2.6 million to the Falmouth Housing Corporation for acquisition of 545 Main Street to create 50 deed‑restricted rental units, primarily senior housing. The vote followed extensive debate over workforce versus senior housing and the fund’s capacity.
The Falmouth Select Board voted 3–2 to award $2,600,000 from the Falmouth Affordable Housing Fund to Falmouth Housing Corporation for acquisition of 545 Main Street, a proposal to construct 50 deed‑restricted rental units, the board discussed at length on July 27.
Town Manager Wrenshaw summarized recent state engagement that could allow a waiver of age restrictions, but noted financing and timelines remain uncertain. Tara Mizrahi of Affirmative Investments, the developer partner, told the board, “We still are proposing 50 units. We still feel that this is the right project for this site,” and warned that a rapid switch to a 100% one‑bedroom non‑age‑restricted product was risky and unprecedented for lenders and investors.
Linda Clark of Falmouth Housing Corporation presented wait‑list data supporting senior housing: “We currently have 979 seniors on the wait list at our properties,” she said, and noted the next one‑bedroom senior applicant selected first applied in August 2019, reflecting a multi‑year wait. Board members who opposed the award cited the large initial acquisition request—about 84% of the purchase price—and the opportunity cost of drawing down the trust’s balance now versus funding alternative workforce projects in the future.
Several residents urged workforce housing during public comment, while others pressed that losing this acquisition could allow a private owner to pursue a market‑rate redevelopment. After debate about fiduciary obligations and community priorities, a motion to award the requested $2.6 million passed 3–2.
The board recorded the formal outcome and authorized the town manager to execute financial documents reflecting the award. The decision was procedural: the award funds acquisition, with construction funding to be pursued later and the units to be deed‑restricted as described in the application.
Next steps: the housing team will continue state and private fundraising efforts and return to the board with required financial documentation and any further requests for construction subsidies.
