Image courtesy of ICON Architecture

Nonprofit Preservation of Affordable Housing will use a $12.5 million loan from Rockland Trust Co. to develop a project designed to address the housing crisis on Cape Cod.

Approved in 2022 under the Chapter 40B affordable housing law, Cape View Way will include 42 income-restricted rental units.

In 2018, the Bourne Housing Authority issued a request for proposals to develop the 3-acre site on Cape View Way as affordable apartments.

All of the units will be reserved for households earning 60 percent of the area median income. Resident amenities include a community room and library.

“The need for affordable housing opportunities has greatly increased with the growing housing crisis. Cape View Way is addressing that need in a highly desirable location,” Rockland Trust Vice President Kelly Nguyen said in a statement.

Through the first 10 months of 2023, the median single-family home sales price in Bourne was $589,500, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

The project is designed to Passive House standards to maximize energy efficiency.