3/1/2018 FINANCE COMMITTEE Minutes

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3 Finance Committee Minutes March 1, 2018 NEW BUSINESS Review of Mqy 2018 Town Meetin Warrant in re aration for annual Finance Committee Report: The Finance Committee took the following action on Draft#2 of the Special and Annual Town Meeting warrant of Monday, May 7, 2018; Article#20: Petition Article To release and extinguish a 120% moderate income restriction on real property identified as 37 Center Street(Assessors Map 36, Parcel 47D) The lead petitioners of Article 37 was in attendance to request permission to release and extinguish a 120% moderate income restriction of real property identified as 37 Center Street in consideration of the payment of all funds in excess of$330,000, what is allowed under the resale provisions of the deed restriction to the Town of Mashpee/Affordable Housing Trust. For disclosure, Finance Committee member Phil McCahill indicated he knows the applicant Ms. McBrien, and with approval of the release of the moderate income restriction,the petitioner intends to construct a new home on his street of residency. Ms. McBrien, a Mashpee teacher indicated that she purchased the home twelve years ago paying the price of$265,000 for the property under the moderate income guidelines. The current value of this home is $379,000. The subject home has been listed for nearly twelve months. During this time there have been 6-7 potential buyers. As a result of the moderate income restriction which is deeded in perpetuity, the prospective buyers have withdrawn their interest in purchasing the home. Under the moderate income guidelines, the deed restriction rider allows the seller to make a maximum amount of$330,000 from the sale of the home. Funds in excess of$330,000 would be paid to the Town of Mashpee/Affordable Housing Trust. The petition article provides authority for the Board of Selectmen to release the restriction in exchange for the seller to provide a payment of all funds in excess of$330,000 of the resale price to the Town of Mashpee/Affordable Housing Trust. Ms.McBrien respectfully requested the Town release the moderate income restriction on this property as it is currently not an affordable piece of property, and it does not contribute to the Town's affordable/subsidized housing inventory with this moderate income designation. It was noted the Housing Assistance Corporation(HAC) did not attempt to market the property as the corporation has not had a moderate income buyer in 4-5 years. In the Town of Mashpce, six moderate income properties were sited on Center Street,three of which have fallen to foreclosure. When the three homes were sold, the 40B restriction was lifted.