The creation of market rate rental housing for year round residents within the Town of Provincetown: 4 buildings with 28 Units.
On February 6, 2017, the Town of Provincetown voted to spend up to $10,700,000 to purchase and renovate 26 units of housing at Harbor Hill.
On September 4, 2018, The Town acquired title to the property for $8,101,620.00
On October 3, 2018 a $250,000 State Grant was received to create two (2) additional ADA Compliant Units (bringing the total number of units available from 26 to 28)
The new property manager under the Community Development Partnership began in January. The lottery for the first group of applicants that submitted their forms in the fall of 2018 was conducted on February 27, 2019 at the VMCC. Lease agreements have begun to be executed for those tenants, with moving into building #5 starting in May 2019 as renovations are complete. Through Cape Light Compact, new mini-split heat/AC systems were installed in building #5 at no cost to the Trust. The construction contract award for the renovation project was awarded by the Trust on March 14th, with NEI General Contractor. The Planning Board approved a special permit on March 14th for the addition of the 2 new ADA units under inclusionary zoning (IZ), resulting in the first new unit created under IZ bylaws in Provincetown.
Round 2 applications are now being accepted for Buildings 4,6, and 7, and are due by May 23rd. Building permit applications have been submitted and are under review. Construction is expected to begin in June. Work under this contract is anticipated to take six (6) months.
How much of the Year Round Housing Trust's $1,500,000 has been spent to date?
The Year Round Housing Market Rate Trust (Trust) was funded by grants voted at Town Meeting. These grants, in the amount of $1,000,000 (15 ATM #24) and $500,000 (16 ATM #33), have been the Trust's sole funding source to date. The Trust activity includes administrative costs, debt service, legal fees and other operating costs as well as the Harbor Hill Rental activity. This view presents the amount spent by the Trust to date.
What is the status of the Harbor Hill Rental Activity?
This view reports the revenue and expenditures to date for the Harbor Hill Rental activity. As of May 2019, Building 5 is available for rent. There are currently signed leases for 2 of the 26 units. No income has been received to date.
What has been spent to date on the acquisition & renovation of Harbor Hill?
In February of 2017, Town Meeting authorized $10,700,000 for the purchase and renovation of Harbor Hill. Additionally the Trust was awarded a grant of $250,000 for the renovations for two ADA required units. This view indicates the percentage of completion and expenditures to date for this project. .