PRESS RELEASE - Cloverleaf Awarded Additional Funding
Community Housing Resource Inc. receives grant from state
Posted on: December 17, 2022 - 12:08pm
PRESS RELEASE
FOR IMMEDIATE RELEASE: December 16, 2022
The Town of Truro is pleased to announce the Massachusetts Department of Housing and Community Development (DHCD) awarded the Community Housing Resource Inc. (CHR) supplementary funding toward the Cloverleaf Truro Rental Housing Development.
On December 8, 2022, Select Board Chair Kristen Reed and Cloverleaf Project Developer Ted Malone, founder and president of CHR, attended a Housing Roundtable Discussion and Celebration in Haverhill, Massachusetts where Governor Baker, Lieutenant Governor Polito, and the Department of Housing and Economic Development announced the funding.
The project now has an additional $7,700,000 in total DHCD subsidy funds including any ARPA awards; $450,000 in federal low-income housing tax credits (LIHTC); and $800,000 in state LIHTC. Federal allocations will be distributed each year over a 10-year period and state allocations over five years, said Malone. The projected total award is nearly $16 million.
"It was an exciting day,” said Reed. “I'm grateful for the opportunity to witness Truro benefit from the Baker-Polito administration's commitment to Affordable Housing and Economic Development. The Baker-Polito administration has been a critical partner in addressing the affordable housing crisis in Truro. The Cloverleaf parcel was surplus MassDOT land; it was deeded to the Truro for affordable housing purposes under the administration’s 2015 Open for Business initiative. Truro then received a $1.2 million MassWorks grant from the Commonwealth to bring the municipal water line to and through the site allowing for 39 rental housing units. This is a significant increase above the number that would have been allowed under Title V if municipal water had not been brought to the site. Most recently, the Administration’s Community One Stop for Growth Grant program awarded Truro with a $305,000 Rural and Small-Town Development Fund grant to be used for the installation of an innovative alternative (I/A) wastewater treatment system for the development. The partnership from the Baker-Polito Administration has been essential from the start and now with the award of critical resources through DHCD, the Cloverleaf can become a reality. We are incredibly grateful for their support.”
The Cloverleaf Truro Rental Housing Development will consist of 39 newly constructed units to be built within 13 buildings on the 3.91-acre site. Of these, 15 units will be single-level living and 24 units will be in two-family dwellings. Under the comprehensive permit, 20 units will be deemed affordable at 80 percent of the Area Median Income (AMI), eight units will be 80 to 120 percent of AMI, six will be market-rate units, and five will be used flexibly where needed.
The award was granted after approval of the affordable housing application for tax credits, subsidies, and rental assistance. The project complies with the state’s Sustainable Design Principles and has received Passive House Certification.
This grant combined with the town’s significant local funding resources will help increase the town’s supply of affordable housing units from 2.3 percent to 5.9 percent. For more information about this award or the Cloverleaf project visit the Town of Truro website at www.truro-ma.gov.
CHR President/Founder & Cloverleaf Project Developer, Ted Malone (left) Truro Select Board Chair, Kristen Reed (right)
Contact:
Darrin Tangeman, Town Manager
(508) 214-0201
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