11/15/2018 COMMUNITY PRESERVATION ACT COMMITTEE Minutes

Home Browse Search

11 Community Preservation Committee Minutes November 15, 2018 A licant: Leila Botsford Mashpee Housing Authodt Proposal Title: Home Purchase Program: $275,000: CPC member Mary Waygan stepped down and recused herself from participating in the above referenced discussion. CPA funding is being sought by the Mashpee Housing Authority for the new Housing Purchase Program. The sum of$275,000 is requested for the $385,000 program. The goal of this project is to assist with the purchase of rental property in Mashpee to rehabilitate if necessary and rent at affordable housing rates. The Horsing Authority currently has 74 Mashpee residents on the wait list for one-bedroom units. The need for Single Room Occupancy (SRO) is extremely high. The program would develop a SRO model to assist with the needs of the working poor. With CPA funding,the MHA would solicit proposals for the purchase of an affordable home in the Town of Mashpee. CPA funding would be used for down payment expenses on the purchase of the home and repairs/rehabilitation to get the unit rental ready. With congregate housing the tenant would have a private room for their own personal space. The remainder of the home would be shared by up to five tenants. This initiative would assist to meet work force housing needs with rents below fair market rent for affordability. Savings from the program would be earmarked for this property. The use of Affordable Housing Trust monies was given consideration for this project as the AHT does not have to procure bids. NEW BUSINESS Review of Available CPA Funding for May 2019 S ecial Town Meeting: In considering disbursements related to the CPA it was disclosed out of the $7,451,041 cash balance the sura of$1,213,476 has been encumbered for articles voted. Debt payments from the former Land Bank amount of$2,918,350. As of June 30, 2018, the unrestricted cash balance is $1,793,865.