Nonprofit affordable housing developer closes on financing to build 45 family rental apartments in Brewster
BREWSTER - Preservation of Affordable Housing (POAH) has closed on the financing to build 45 affordable rental apartments in 7 buildings at 55 Spring Rock Village, Brewster with co-developer Housing Assistance, the largest developer of affordable housing on Cape Cod and the Islands.
The development (to be named Spring Rock Village) will be home to a range of household types with rents that are affordable for year-round Brewster residents along with a number of subsidized apartments that will provide homes for some of Brewster’s very low-income families.
The buildings will be designed in the classic Cape Cod tradition on a naturalistic site that preserves a substantial amount of the land’s existing native trees with subtle but significant updates that make them highly energy efficient and durable, with minimal to no onsite fossil fuel usage. The apartment homes will be centered around a wooded island of existing trees with a community center and outdoor recreational area for residents.
The development will include 15 one-bedrooms, 25 two-bedrooms, and 5 three-bedrooms across five buildings featuring traditional Cape Cod architecture. The largest residential building (Building #2) will feature an elevator for ease of access for its 17 households. Three residential buildings will primarily include flat-style homes, and the smallest building will feature townhomes with individual entrances. The central management building, with amenities like bicycle storage, central laundry, and a community room, will overlook a central green that will offer residents a place to gather and play. The development will feature its own wastewater treatment facility.
POAH and Housing Assistance have been developing best-in-class affordable communities on the Cape together for 10 years, including the new construction Brewster Woods in 2022, three new construction developments in Bourne (Cape View Way (2025), Clay Pond Cove (2012), and High Meadow Townhomes (2018)), LeClair Village in Mashpee (2024), and Melpet Farm in Dennis (2015).
“Housing Assistance and POAH are dedicated to developing healthy, welcoming, and supportive communities and ensuring that those communities thrive and remain affordable for generations to come,” said POAH President/CEO Aaron Gornstein. “We applaud the Town of Brewster’s continuing commitment to housing affordability for its residents, and we know that Spring Rock Village will be another important contribution to this effort.”
“As a local developer, our goal is to create pathways to stable, attainable year-round housing for our neighbors, who are so deeply impacted by this unrelenting housing crisis,” said Housing Assistance CEO Alisa Magnotta. “Projects like Spring Rock Village offer the perfect opportunity to bring meaningful housing options to locals while still protecting our fragile environment. These homes will allow members of our community to grow roots and call Brewster home for many years to come.”
“Rockland Trust is proud to help finance the development of Spring Rock Village rental apartments—a project that not only expands access to affordable housing but does so with sustainability at the core of its design,” said Kelly Nguyen, Vice President, Commercial Banking Officer at Rockland Trust. “POAH and HA bring proven track records of responsible leadership and stewardship to this project, and we are thrilled to support them on this transformative development.”
The project will include financing ranging from 9% Federal and State Low Income Housing Tax Credits (LIHTC), Executive Office of Housing and Livable Communities (EOHLC) subsidy, Massachusetts Housing Partnership Workforce Housing subsidy, CPC and AHT funding from the Town of Brewster, and CPC funding from six surrounding Cape Cod towns (Eastham, Orleans, Chatham, Truro, Wellfleet, and Provincetown).
About POAH
Preservation of Affordable Housing (POAH) is a nonprofit developer, owner, and operator of more than 14,000 affordable homes in 13 states and the District of Columbia including 700 on Cape Cod. POAH’s mission is to preserve, create, and sustain affordable, healthy homes that support economic security and access to opportunity for all. @poahcommunities
About Housing Assistance
Housing Assistance has provided a spectrum of services to help our homeless and vulnerable neighbors secure a safe, stable place to call home since 1974. These programs and services include homeless outreach, family shelters, rental vouchers, affordable housing development, energy efficiency programs, and first-time homebuyer support. Housing Assistance also works to address the root causes of housing instability – lack of inventory and lack of affordability – that affect almost all income levels in our region. To learn more, visit www.haconcapecod.org.
About INDB and Rockland Trust
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.