YOUR PASSION. YOUR LEGACY. YOUR CAPE.
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Payable To: The Arethusa Charitable Fund
Mail To: The Cape Cod Foundation
261 Whites Path, Unit 2
South Yarmouth, MA 02664
Community Need
Many contend that housing ranks highest among our community challenges. A healthy market has suitable options for people at various stages of their lives. Ours does not. This lack of diverse, affordable housing impacts every part of our community: our workforce to our senior population.
According to the Cape Cod Commission, about 80% of the residential housing units on Cape Cod are single-family homes. To purchase a median-priced home requires an annual income of $210,000. The median household income is $91,438. From 2019-2022, median home prices increased 60%, while median income increased only 7.5%. More than half of single-family homes cost from $500,000-$999,00. The median sale price in 2022 was $638,500.
Because of the high number of single-family homes, year-round rentals are scarce, impacting those who cannot purchase a home and those looking to downsize. In addition, because of the Cape’s seasonality, many full-time residents are priced out of rentals during the summer months. It takes just two months for average short-term rents to exceed average year-round rents. This is why many property owners rent their homes during the summer only or secure a winter tenant at a reduced monthly rate, then increase the rent during the high season. Both scenarios contribute to the lack of stable, affordable, year-round housing.
While there are town by town changes in progress, overly restrictive zoning regulations have limited homeowners’ abilities to increase housing stock through accessory dwelling units.
Foundation Strategy
While we don’t have the resources to “develop” housing, we have supported initiatives focused on long-term, collaborative solutions to the housing crisis, community education and advocacy, financial literacy for residents, and the attainment and retention of safe, affordable housing. We have also participated in the formation of a regional Housing Strategy and Action Plan and discussions about creating a regional housing land bank with other community leaders. Having a seat at the table allows us to be part of strategic community leadership and stay current on community needs and opportunities for impactful grantmaking.
Recent Grantmaking
- Made multi-year investments in a regional initiative to advance community education, advocacy, and training for more than 300 residents and local elected officials. This has increased the number of attainable housing projects supported over the last five years.
- Supported a program providing a fixed monthly rental subsidy and financial literacy training to qualifying households living and working on Cape Cod.
- Provided Capacity-Building Grants to strengthen organizations working in the field of housing.
Fund Snapshot
FUND NAME
The Arethusa Charitable Fund
FUND DESCRIPTION
To support housing initiatives on Cape Cod
DATE OF INCEPTION
2022
FUND TYPE
Permanent Endowment. Follows spending policy set and approved annually by Foundation’s Board Of Directors
CURRENT BALANCE
$2,080,337
TOTAL GRANTMAKING FROM FUND
$189,31
5-YEAR LOOKBACK/ALL FUNDS
$1,312,801. Total grantmaking from all Foundations Funds to support housing initiatives from 2019-2023.
FUND BACKGROUND
In 2022, we received a three-part bequest. The donor entrusted us to establish a designated fund to support specific nonprofit organizations and a scholarship fund to support local students. The third part provided the Foundation with discretionary resources to support “current needs on Cape Cod,” with a preference for housing initiatives.
All figures updated April 2024.
*Since many initiatives overlap funding categories, some grants that have impacted housing initiatives are often reflected in Health & Human services reporting.
Building Flexible Resources to Support All Aspects of Community Life
You can donate any amount to any of these field-of-interest funds at any time.
Through collective giving, we can fund broadscale initiatives that lead to regional, systemic change.
UNRESTRICTED FUND
ANIMAL PROTECTION & WELFARE FUND
ARTS & CULTURE FUND
EDUCATIONAL SCHOLARSHIPS FUND
ENVIRONMENTAL CONSERVATION & PRESERVATION FUND
HEALTH & HUMAN SERVICES FUND
HOUSING FUND
WOMEN AND GIRLS FUND
WORKFORCE
& CAREER DEVELOPMENT FUND
YOUTH DEVELOPMENT
FUND
TO MAKE A MULTI-YEAR PROMISE
Kristin O’Malley
President and CEO
The Cape Cod Foundation
komalley@capecodfoundation.org
508.790.3040, Ext. 115
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Together, we have invested more than $100 million in grants and scholarships in the Cape Cod Community. For good.
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Cape Cod Foundation
508.790.3040
261 Whites Path, Unit 2
South Yarmouth, MA 02664
info@capecodfoundation.org
