11/22/2010 AFFORDABLE HOUSING TRUST Minutes

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4 Affordable Housing Trust Minutes November 22, 2010 APPOINTMENTS AND HEARINGS: Affordable Housing Committee—Discussion of Real Propertyj Alan Trebat, Chairman of the Affordable Housing Committee was in attendance with Berkley Johnson and Walter Abbott,Affordable Housing Committee members to discuss their recommendation to consider the acquisition of a condominium unit located at 4A Schooner Lane from the Cape Cod Five Cents Savings Bank. Mr. Trebat indicated the Cape Cod Five Cents Savings Bank is the holder of the mortgage at the referenced address, and intends to institute foreclosure proceedings against the property. At the onset of the foreclosure,the affordable housing deed restriction on the property will terminate and the Town will permanently lose this unit from its affordable housing inventory. To date, foreclosure proceedings have not begun. As a result of this information,the Affordable Housing Committee voted at its October 5, 2010 meeting to recommend the Affordable Housing Trust take the acquisition of said property under consideration. Discussion followed with respect to legal questions,the financing of the property and potential scenario's for said purchase which include management, condominium fees, and real estate issues. The possibility of property being purchased by a non-project entity such as Habitat for Humanity was also considered. Although it was stated the unit is near new and in good condition,the cost of the one-bedroom condominium unit was not known. Regarding management, it was noted the Mashpee Housing Authority presently manages 56 units of elderly housing at Asher's Path, and the Breezy Acres affordable housing complex. Presently the Housing Authority is expanding, and adding ten units to the Breezy Acres site located on Old Barnstable Road. The property,Breezy Acres currently has six units of affordable, rental family housing. It was agreed the cost per unit of Breezy Acres could be used for comparison purposes.