8/14/2007 COMMUNITY PRESERVATION ACT COMMITTEE Minutes

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2 Community Preservation Committee Minutes August 14, 2007 APPOINTMENTS AND HEARINGS; Gina Martinez-The Community Builders: Senior Project Manager Gina Martinez of The Community Builders (TCB) was in attendance to respond to the CPC Committee regarding concerns relative to the application submitted for CPA funding at the October 2007 Town Meeting. The Committee at their June 12, 2007 meeting deliberated upon CPA projects to be considered for the October 2007 Ton Meeting. The application of TCB to recapitalize the Mashpee village was denied at this meeting after careful review, due to budgetary constraints and because the project was considered to be a matter of maintenance. CPA. funding cannot he used for maintenance purposes. On June 14� 2007 The Community B alders was successful obtaining grant funding, an award of approximately$5,000,000 for the preservation of the Mashpee Village property. Mashpee village is comprised of 145 affordable housing units, and it is the Town"s largest single affordable dousing community. Ms. Martinez indicated she applied for the maximum grant award for funds administered by MassHousing, a Low Income Housing Tax Credit (LIHTC) and Housing Stabilization funds to assist with the recapitalization project and was successful in receiving Mate resources. The CPA funding request of$300,000 was the remaining surn estimated to fulfill the gap in completing the project proposal. It was noted the $7501,000 Housing Stabilization funds (HSP) require a contribution of local funds such as CPA funds. If HSP funds are withdrawn,,the proponents of the project proposal would be unable to proceed with the intended renovation of Mashpee village. Correspondence was received from the Cape Cod United Church Homes, Inc. dated August 10, 2007 urging the CPC Committee to reverse their decision to alto The Community Builders, owners and managers Of Mashpee village to complete the funding needed for the recapitalization f the Village.