6/5/2018 AFFORDABLE HOUSING Minutes

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developers working with the banks on construction loans, also provide financing for affordable buyer end loans. Mary Waygan discussed her experience in Yarmouth.developing a housing project of 76 units, and the way in which that developer worked with a local bank to assist with the financing of an affordable unit. Ms. Waygan and Ms. Kelleher noted that even the market rate units would have trouble with identifying financing. Ms. Kelleher suggested making the project"fee simple" rather than condos. Chairman Isbitz inquired why a moderate income buyer would purchase at Main Street Village instead of a single family home and Ms. Kelleher responded that the recent buyer referenced that the deed restricted, cash sale, offered reduced condo fees and taxes. Ms. Kelleher stated that she had no eligible buyers on her list over$220,000. The Chair indicated that a solution with a different approach may help to encourage the State to change its regulations. Ms. Kelleher pointed out that there were no more moderates available. Ms. Kelleher described a scenario in Barnstable whereby CPA funds were used to reduce the difference in the cost of a higher priced deed restricted home, in order to make it more affordable. The Chair wished to identify away to protect the existing moderate and affordable housing units and suggested developing a working group, possibly with HAC's participation. The Chair also suggested reaching out to other towns that have had success, working together to solve the problem on the Cape. Ms. Kelleher noted that financing was the greatest challenge to protecting Mashpee's moderate units, adding that towns also had the right of first refusal. Ms. Kelleher noted that towns could also consider helping by using CPA funds or Affordable Housing Trust funds to pay the resale fee. The Chair suggested further conversation through the Housing Institute and Ms. Kelleher recommended speaking with Ms. Shufelt. Mr. Taylor reported that he had discussed the idea of relocating CPA funds to the Affordable Housing Trust for the May Town Meeting, so that Mashpee could be involved with buy downs or purchases, if necessary. Mr. Taylor noted that, in the past, the Town did not have the financial resources to buy down a home. Ms. Kelleher noted that fair marketing practices also needed to be followed. The Chair inquired whether there would be an appropriate Mashpee contact for Ms. Kelleher in case there were future issues and Mr. Taylor agreed to serve as that contact. Main Street Village, Phase H Proposal-As discussed above. 243 Cotuit Road Proposal-The pro forma had not been received, although Mr. Pena had indicated to the Chair that he received one from his engineer proposing 12-16 units and it was believed that Mr. Pena had received feedback from neighbors. NEW BUSINESS Habitat for Humanity-Mr. Abbott reported that Habitat would begin building their most recently approved projects in 2019. Housing Choice Initiative-Mr. Lehrer distributed packets of information regarding Mashpee's designation as a Housing Choice Community. Mr. Lehrer stated that the designation rewarded communities on work completed since 2010, who developed 5% or more housing units since the census. Housing Choice would allow Mashpee access to new opportunities, with priority to pursue grant funding through partner grant programs like MassWorks, a leader in funding affordable housing projects. Mr. Lehrer noted that priority was further given to towns 3