Live, Work, Thrive

A Note from Jay Coburn, CDP President & CEO

The dream of homeownership in America is becoming increasingly difficult to achieve, and our Lower Cape communities are no exception. The price of even modest homes has skyrocketed, making home ownership out of reach for far too many year-round residents. 

Between 2019 and 2022, the median price for a single-family home increased by 60%, while median household income increased by only 7.5%. To afford a median-priced single-family home on Cape Cod, a household must earn $210,000 annually. However, the median household income in 2022 was only $90,447, which is just 43% of the income needed. Already, 29% of homeowners on Cape Cod spend more than 30% of their income on housing, and the statistics are much worse on the Lower and Outer Cape.

Despite these significant challenges, the CDP remains committed to supporting residents in their pursuit of homeownership. For over a decade, the CDP has offered First-Time Home Buyer classes to help prepare year-round residents for homeownership and help them qualify for special mortgage products. During the past three years, we have deepened our expertise, trained our staff, and secured certification to offer education and counseling that meets the criteria set by the US Department of Housing and Urban Development. In this issue, you can learn more about our enhanced program. The upgrade of our Home Ownership Education Program (HOEP) could not come at a better time, as the journey to achieve homeownership in our communities has never been more challenging. 

There is hope in the future with the potential for more affordable homeownership opportunities thanks to inclusionary zoning policies and several proposed provisions in Governor Healey’s Affordable Homes Act. Last month, I joined hundreds of housing activists from the Cape and across the Commonwealth to advocate for the Governor’s proposed $4.1 Billion in funding and twenty-one policy changes – some of which will increase affordable homeownership opportunities.

Thanks to your support, our work to prepare residents for homeownership continues, as does our aggressive advocacy for more tools and resources for our region’s response to the housing affordability crisis. Together, we are building a diverse year-round community of people who can afford to live, work, and thrive here.

CDP's Home Ownership Education Program (HOEP)

"It is so important to prepare. So, when an opportunity arises, you are confident and empowered to purchase the home of your dreams."

 – Pelinda Deegan, CDP Housing Counselor 

"I remember when I had a feeling - a hopeful feeling - that I could own a home," said Jim Curran, financial consultant, and a collaborator on the CDP's Home Ownership Education Program (HOEP).

When Jim moved back to the Cape in 2012, he saw many obstacles to homeownership, such as low inventory, few homes that he could afford, and high down payment costs. Nevertheless, with determination, planning, and a little bit of luck, he was able to buy a house. "I thought it was impossible for someone in my financial situation to own a home," Jim said. "Fortunately, I worked with someone who was knowledgeable about the homebuying process, and we developed a plan that made homebuying possible when the opportunity arose." Jim purchased his first home on the Cape in 2018.

According to Pelinda Deegan, the CDP’s Housing Counselor, "Jim is an excellent example of someone who put in the effort." She added, "His story inspires others to start planning now and believe that it is possible to find a permanent home on this beautiful strip of land." 

Read more about the CDP's Home Ownership Education Program (HOEP).

Local Chef’s Dream Realized

“The biggest thing they did was treat me like a businessperson with good ideas worth investing in.”

 – Liam Rowland, chef and owner of Salty Market

Liam Rowland, a chef, and longtime Cape resident, believes that chefs are in the business of realizing dreams.

After the outbreak of COVID-19, many lenders were hesitant to fund restaurants, and Liam found that they were instead investing in real estate. He had a vision of finding a building where he could live, build a business, and secure financial backing. Unfortunately, a key investor disappeared just before a deal could be finalized, so Liam looked to the CDP for assistance. Liam met with Pam Anderson, the CDP's Director of the Business & Credit Program. The CDP provides support and encouragement to local entrepreneurs like Liam, who possess innovative ideas and experience but need extra support and funding to realize their ideas.

Read more about Liam Rowland's CDP experience.

Supporter Spotlight

“The CDP's resources and support for small businesses, especially in the

early stages, are invaluable.”

 – Darin Krum, Owner, Eastham ACE Hardware

Many businesses in Cape Cod are family-owned and operated, and their longevity and resilience are often attributed to their familial and customer service approach to business.

One such business owner is Darin Krum, who runs Eastham ACE Hardware with his two brothers, Seth, and Brad. The business was started by their parents in 1991. According to Darin, his father sensed the need for a hardware store in Eastham, but unfortunately, there wasn't a CDP back then. And since banks weren't willing to take investment risks on individuals like his father, the early years of their business were challenging. "It took them a long time to accumulate enough inventory because all their earnings went into the business," said Darin. However, the experience taught them an important lesson; as Darin puts it, "the only thing they had to sell in 1991 was service."

Read more about Darin Krum, owner and manager of Eastham ACE Hardware.

The Community Development Partnership is excited to announce that nominations are open for its annual community service and entrepreneurship awards.

These distinguished awards, the Gwen Pelletier Award for Excellence in Community Service and the Norm Edinberg Award for Excellence in Entrepreneurship, seek to recognize and honor outstanding individuals who have left an indelible mark on the Lower Cape community through their selfless service and commitment to fostering economic diversity and entrepreneurship.

We invite community members to actively participate in this important process by submitting written nominations for deserving candidates by March 1, 2024. Award recipients will be announced at the CDP’s Annual Meeting on April 25, 2024.

To learn more about the awards, please visit our website.

We look forward to receiving your nominations for 2024 and celebrating the remarkable individuals who contribute to the vibrancy and success of our community.

Thank you for reading and for your support!

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