Hyannis, MA – MassDevelopment has provided a $1,170,000 loan to the Housing Assistance Corporation (HAC), which the organization will use to construct eight rental housing units at 57 Ridgewood Ave. in Hyannis. All of the units will be year-round housing; six of the units will be rented at market rate and two units will be available to individuals earning less than 80% of the area median income.
This project is located in an area of downtown currently served by MassDevelopment’s Transformative Development Initiative (TDI), a program designed to accelerate economic growth within focused districts in Gateway Cities. The program works with cross-sector partnerships to engage community members in actionable planning, implement local economic development initiatives, and spur further public and private investment.
Established in 1973, HAC is a nonprofit that provides housing solutions for residents of Cape Cod and the Islands. The organization administers housing programs for towns within Barnstable, Dukes, and Nantucket counties, and offers a continuum of housing services and solutions that evolve with the changing needs of the communities that they serve.