Preservation of Affordable Housing (POAH) and its Cape Cod development partner, Housing Assistance Corp. (HAC), have closed on $10.5 million in financing to create an affordable housing complex in Dennis.

The development commonly referred to as the Dennis Community Housing, will consist of 27 new construction one-, two- and three-bedroom townhouses. The apartments are eligible to applicants whose income is 60 percent or lower of the area’s median income. POAH and HAC will work with the town to name the housing development once completed

The site for the development, which once contained housing units owned and managed by the Dennis Housing Authority, was the subject of a Request for Proposal issued by the town of Dennis seeking a developer to construct affordable rental units.  HAC responded with a development plan that replaced the abandoned and decaying buildings with a family-focused Cape Cod-inspired community. HAC then partnered with POAH to work collaboratively on the final design and financing of the project. 

“With the financial closing, we are closer to reestablishing much needed affordable housing on this highly visible site. By this time next year, the town of Dennis will benefit from an affordable housing asset that will provide comfortable, energy-efficient housing to 27 low-income families,” Rodger Brown, POAH’s managing director of real estate, said in a statement. “This will continue our partnership with Housing Assistance Corp., which has been such a good steward of this and other projects on the Cape and will continue to work with us as we develop this property.”

Bank of America, Mass Housing Partnership, Massachusetts Department of Housing and Community Development and others assisted with the financing package for the development.