In Hingham, however, “entry level” doesn’t mean cheap. The price of the other six units is estimated at about $500,000.
The land was purchased by Hingham’s Affordable Housing Trust in 2009 for $400,000. The town expects the land sale will enable the town to recoup that cost. The money spent on architects might be recouped from the project’s profits.
The $150,000 given to the project by the town’s Community Preservation Committee will not be recouped, however, as that expenditure is helping to keep the price affordable.
Most of the estimated $2.9 million cost of the project will be incurred by the developer, which will generate revenue when the buildings are sold.
Jessica Bartlett can be reached at email@example.com.