This is the first time that a developer has donated cash instead of lots, according to Nancy Davison, director of consumer education for Housing Assistance Corp.

The money is in lieu of an agreement between the land's original developer and the Cap Cod Commission to put aside four lots for affordable housing in the luxury development. When JCJ took over the fordable housing requirement.

The Cash will allow the housing agency to help more would-be homeowners then in the commission agreement.

The money will be used to help buy six to seven existing houses priced under $300,000, Davidson says. The housing agency will then re-sell the houses to home buyers for an estimated $140,000 to $170,000. The final price depends on several variables, including the applicant's income and mortgage interest rates.

The difference in the original purchase price and the selling price will be subsidized by the money from JCJ.

"It's a more efficient manner to find housing for more people," said Thomas Keyes, chairman of the board of selectmen.

"What would have been four affordable homes is now many more then that," said town administrator George "Bud" Dunham

JCJ purchased the 117 acres in Sandwich in May 2003. The land had already gone through the permitting process with the commission stipulating that four lots be set aside for affordable housing.

"We thought there may be a better way to address the affordable housing need," said Kevin Boyar, director of business development for JCJ. He said the requirement that affordable homes fit in with the character of the neighborhood - in this case, homes of 3,000 to 4,000 square feet with expense detailing - might have made it difficult, if not impossible, to find a builder for the four lots.

"We had serous doubts whether those four houses would ever get built," said Boyar.

Paul Ruchinakas, affordable housing specialist for Cape Cod Commission, was initially skeptical of the cash donation, but the innovative approach helped to change his mind.

The money in the bank didn't hurt either.

Boyer said $625,000 has been deposited and the rest will be turned iver to Housing Corp. by June 1.

"We're ready to go. We're ready to buy." Said Davison.

There are 80 applicants in the ready-to-buy list Capewide. She said three of those applicants are Sandwich residents.

To qualify and applicant must make 80 percent of the median income for the Cape, or $52,550 for a family of four.

The current median home price in Sandwich is $344,900, according to Banker and Tradesman, a Boston newspaper that tracks banking and real estate trends.

Davison said that illustrates the housing crunch on the Cape. "No one making 80 percent of the median income can purchase a house on Cape Cod without assistance," she said.

Housing Assistance Corp. hosts seven workshops for first time buyers per year. Last year 280 potential buyers attended the seminars.

"And that's just the people who knew about us," said Davison.

At last check there were mine houses listed for sale under $300,000 in Sandwich according to Davison. The potential houses will have to pass a home inspection. "No fixer-uppers," she said, because these homeowners don't have the disposable income necessary to make expensive repairs.