704 Main Street
The Falmouth EDIC assisted the Town and the Falmouth Housing Authority with it’s first affordable housing project by acquiring the property for the development of 704 Main Street. This beautiful mixed-use retail and affordable housing development contains 1 & 2 bedroom units as well as commercial businesses located on the ground floor. This project proved to be vital to the development and growth of the East Main Street neighborhood of downtown Falmouth.
704 Main Street Details
59 Bedroom Units
5 Commercial Units
Low-Income Housing Tax Credit (LIHTC)
HOME Investment Partnerships Program
Low-Income Housing Tax Credit (LIHTC)
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
HOME Investment Partnerships Program
This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.
Contact Information
To learn more about this property and the application process contact:
Falmouth Housing Corporation
704 Main Street
Falmouth, MA 02540
Phone # (508) 540-4009
704 Main Street
704 Main Street
Falmouth, MA 02540