Real Estate Operations Development

Cascap's Real Estate Operations (REO) development department specializes in the development of high-quality affordable housing for people of low and moderate incomes. Special attention is paid to energy efficiency in building design and operations. Since 1988, Cascap has directly developed or collaborated in the development of hundreds of affordable housing units for low income, disabled, or elderly individuals and families.

Property types

Cascap developments range from rehabilitation and historic restoration to new construction. Our properties contribute to the dignity of the tenants, exceed accessibility requirements, meet Energy Star standards, comply with the demands of the community and aesthetically enhance their neighborhood.

Communities and Partnerships

Historically Cascap developed property mainly in Cambridge and Somerville, but in recent years has completed projects in Newton, Watertown, and Lowell. Cascap actively seeks partnerships with communities looking to expand/improve their affordable housing stock and housing for the disabled.

Staff Experience

Experienced project managers identify appropriate sites and shepherd projects through predevelopment, design, community meetings, zoning, funding, construction and into occupancy. Project managers work closely with Cascap's Property Management staff to assure operational readiness at the time of occupancy. Because Cascap manages and maintains the buildings, development staff stay committed to the projects long term.

Cascap has developed solid relationships with skilled and well-regarded general contractors, architects, attorneys and other experts who are part of our development team to create highly successful projects that come in on time and on budget. Our commitment to the importance of Green design guides the team in their attention to the life cycle costs of all materials and finishes used. Many properties have been recognized at both the state and local levels for their historical detail and innovative reuse. We maintain excellent relationships with the leadership in the municipalities where we have worked.

Funding

Development projects have involved a wide variety of public and private financing and a range of both typical and unusual development challenges. The properties have been financed through a mix of public and private grants and loans including the U.S. Department of Housing and urban Development (HUD), Massachusetts state and municipal programs, commercial lenders, community banks and Fannie Mae.

Range of Services

Cascap's development team can offer a range of consulting and capacity building services in the affordable housing field. Our staff can take the lead on a whole project from conception to occupancy or any piece of the process along the way to compliment existing capacity within an organization.