BOSTON – December 9, 2025 – MassHousing has provided $10 million in CommonWealth Builder financing to the non-profit Housing Assistance of Cape Cod for the development of Cornerstone Homes in Hyannis, which will deliver 46 new condominium units for purchase by moderate-income, first-time homebuyers and four units that will be used for rental housing.
The 50 new condo units will be developed in a three-story building on a vacant lot in downtown Hyannis that was formerly occupied by a car dealership. They will include energy-efficient appliances, bike storage, unit storage, a community room, and an exterior patio.
"MassHousing is pleased to partner with Housing Assistance develop these new homes for purchase by first-time buyers who will be able to put down roots and enjoy all the benefits of homeownership," said MassHousing CEO Chrystal Kornegay. "Like many areas across the Commonwealth, Cape Cod has high housing costs, and these affordable homes will allow the future residents to start accumulating wealth that they one day may pass to a new generation."
"Cornerstone Homes opens the door to homeownership for people who have been shut out of the current homeownership market on Cape Cod," said Alisa Magnotta, CEO of Housing Assistance. "With this project, workers on the Cape will have the chance to anchor themselves, plan for their futures, and not spend hours in the car every day going to and from their jobs. Through a thoughtful and community-focused approach, this initiative will play a big part in shaping new housing opportunities on Cape Cod, while helping to revitalize and energize the Main Street Hyannis area."
The CommonWealth Builder (CWB) initiative represents a major effort to make homeownership more accessible while creating pathways for wealth building. As the largest program of its kind at the state level, CWB provides market-based subsidies that help finance the construction of new, moderately priced single-family homes and condominium units in Massachusetts.
In addition to the CWB funding, the project includes $15.3 million in construction financing from Eastern Bank, $1.5 million in Town of Barnstable American Rescue Plan Act funding, and $1 million from the Barnstable Affordable Housing Growth and Development Trust Fund.
The 50 new condos will include a mix of 18 one-bedroom units, 27 two-bedroom units, and five three-bedroom units. Thirty-one condos will be sold to households earning up to 100 percent of the Area Median Income (AMI) and 15 will be sold to households earning up to 120 percent of AMI. Housing Assistance will purchase four units to serve as year-round rentals for moderate-income renters using its programs.
The building is designed to have a tight building envelope, and the roof will be solar rated. The condos will use air source heat pumps for heating and cooling and energy recovery ventilators. Of 76 designated parking spaces, 10 percent will provide electric vehicle charging and 20 percent of the total spaces will be "EV ready," with wiring in place for future charging stations.
New homes are expected to sell for between $268,000 and $470,000, depending on size and household income.
The site is a short distance from a bus stop served by the Cape Cod Regional Transit Authority, providing access to West Main Street, Barnstable High School, local shopping plazas, and other popular Hyannis locations.
The general contractor is Dellbrook JKS and the architect is SV Design.
About the CommonWealth Builder Program
The CWB program subsidizes the production of homes restricted to first-time homebuyers with incomes set anywhere between 70 percent to 120 percent of the Area Median Income.
MassHousing's Homeownership Division supports CommonWealth Builder with a combination of mortgage financing for homebuyers, down payment assistance loans, mortgage insurance with job-loss protection at no added cost, and targeted marketing in Boston, Randolph, Framingham, the state's Gateway Cities and Qualified Census Tracts.
Since the program was launched in 2019, MassHousing has committed a total of $220.8 million to 39 CommonWealth Builder projects across Massachusetts. These projects will create a total of 1,016 new homeownership opportunities, including 892 new affordable homes for first-time homebuyers.
About Housing Assistance
Housing Assistance is a nonprofit organization founded in 1974 that serves the residents of Cape Cod, Martha's Vineyard, and Nantucket. Its mission is to strengthen the Cape and Islands region by empowering individuals, fostering community connections, and increasing year-round affordable housing opportunities. Housing Assistance offers a comprehensive range of programs and services, including housing counseling and education, homelessness prevention, affordable housing development, financial literacy courses, and family shelters. As one of the largest developers of affordable housing on Cape Cod and the Islands, Housing Assistance has constructed more than 600 units of affordable housing with another 142 units in its development pipeline. Approximately 70 percent of the units Housing Assistance has developed are rental housing and 30 percent are homeownership. For more information visit www.haconcapecod.org.
About MassHousing
MassHousing (The Massachusetts Housing Finance Agency) is an independent, financially self-sustaining agency created in 1966 to confront the Commonwealth's housing challenges. The Agency provides financing to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve rental housing. As a mission-driven agency, MassHousing uses housing finance to strengthen communities, to help people build economic prosperity, and to expand homeownership. Since its inception, MassHousing has provided more than $30 billion to support homeownership and rental housing opportunities across Massachusetts. For more information, visit www.masshousing.com.
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