BOSTON– MassHousing has announced a $10 million CommonWealth Builder (CWB) investment to support the development of Cornerstone Homes, a new 50-unit condominium project in downtown Hyannis.
The project, led by the non-profit Housing Assistance of Cape Cod, will create opportunities for moderate-income, first-time homebuyers while including four units for rental housing.
The three-story building will rise on a vacant lot formerly occupied by a car dealership and will feature 46 condos for purchase alongside four rental units. Units will range from one- to three-bedroom layouts and include energy-efficient appliances, air source heat pumps, energy recovery ventilators, and solar-rated roofing. Residents will also have access to bike storage, unit storage, a community room, and an exterior patio.
Newly constructed condos are expected to sell for $268,000 to $470,000, depending on size and household income. Thirty-one units will be reserved for households earning up to 100% of the Area Median Income (AMI), and 15 units for households earning up to 120% of AMI.
“MassHousing is pleased to partner with Housing Assistance to develop these new homes for first-time buyers who will be able to put down roots and enjoy all the benefits of homeownership,” said Chrystal Kornegay, MassHousing CEO. “Cape Cod has high housing costs, and these homes will allow future residents to start building wealth that they may pass to a new generation.”
Alisa Magnotta, CEO of Housing Assistance, emphasized the project’s community impact: “Cornerstone Homes opens the door to homeownership for people who have been shut out of the current market. Workers on the Cape will now have the chance to anchor themselves, plan for their futures, and avoid long commutes. This initiative will also help revitalize Main Street Hyannis.”
The project is financed with $15.3 million in construction loans from Eastern Bank, $1.5 million in Barnstable ARPA funds, and $1 million from the Barnstable Affordable Housing Growth and Development Trust Fund, in addition to the MassHousing CWB funding.
Sustainability features include 76 parking spaces—10% with electric vehicle charging stations and 20% “EV ready”—and energy-efficient building systems. The site is conveniently located near a Cape Cod Regional Transit Authority bus stop, providing easy access to local schools, shopping, and Main Street Hyannis.
Cornerstone Homes is expected to provide a significant boost to homeownership opportunities for moderate-income families on Cape Cod, combining affordable pricing, sustainable design, and a central location to strengthen both housing access and the local community.
