Ocean Shores Apartments
Oceans Shores Apartments is a senior affordable housing project in Marshfield that provides 97 units of housing to low income seniors. It almost didn't get built.

According to Josh Cohen, associate development director for Beacon Communities, which built the

Recovery Act Impact: Ocean Shores Apartment

  • Received $5.2 million through stimulus-funded tax credit exchange program

  • Created 97 affordable housing units for seniors in Marshfield

  • Tax credit exchange program statewide totaled $110 million

  • Financed 19 affordable housing projects

project, the company was trying to sell tax credits to finance the development of the project but this was in the summer of 2009 when the markets for tax credits had dried up. But the stimulus-funded tax credit exchange program stepped in and provided the project with $5.2 million.

"The tax credit exchange program was critical," said Cohen. "We were trying to sell our tax credits but there was just no way. The stimulus funding filled a huge gap."

Cohen noted that there is very limited affordable housing for seniors in the Marshfield area. "It's phenomenal how much leasing activity we've had," he said.

Ocean Shores Apartments

The site of the project was a closed up drive in movie theater that Howard Cohen, the CEO of Beacon Communities, looked at over a decade ago for a condominium project. By the time Beacon Communities went through its permitting processes it was 2008 and the market for condominiums in the area was nearly non existent. The project was reinvented as a senior affordable housing development and there was immediate interest. "We had a lot of pre-leasing activity," said Cohen. "A lot of local people applied."

Ocean Shores Apartments
Ocean Shores is located on a 30 acre site, 20 acres of which will be transferred to the town.

The project was built to accommodate seniors who plan on living there long term. "Our goal was to make it as efficient and functional as possible," said Mercedes Farrando director design services for Beacon Communities. The development features a wellness center, which has Visiting Nurses Association nurses providing healthcare services to the tenants. There is also a fitness room, a sharing library and an onsite beauty salon. "If you look good, you feel good," said Farrando.