11/15/2018 AFFORDABLE HOUSING TRUST Minutes

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3 Affordable Housing Trust Minutes November 15, 2018 Said appropriation is subject to the Community Preservation Act statute, and must be approved annually by the Community Preservation Committee and by a vote of Town Meeting. To begin the process to secure funding it was recommended the CPC consider funding a more substantial amount, more than the estimated 10%Affordable Housing Reserves to immediately establish a significant funding source. Currently, there is approximately $200,000 in the Affordable Housing Trust Account received in mitigation funding from the Cape Cod Commission. It was noted the Community Preservation Committees of the Towns of Falmouth, Brewster and Harwich contribute CPA funds to their respective Affordable Housing Trusts for affordable housing. After consideration, it was determined the Affordable Housing Trust would amend their application to the CPC in request of$300,000, and to consider an annual request to the CPC for the 10% Affordable Housing Reserves or $150,000. Available funding in the CPC coffers includes the following; Budgeted for Appropriation Reserve: $1,008,051 available for the calendar year only Affordable Housing 10% Reserves: $605,496.05 Unrestricted Cash Balance: $1,793,865.97 Motion made by Selectman Cotton to move forward with an amended application from the Affordable Housing Trust to the Community Preservation Committee in request of$300,000 for the May 2019 Special Town Meeting utilizing$150,000 from the 10% Affordable Housing Reserves and $150,000 from unallocated CPA funding. Motion seconded by Selectman O'Hara. VOTE: 6-L Motion carries. Roll Call Vote: Selectman Sherman,yes Selectman Cahalane,yes Selectman Gottlieb,yes Selectman O'Hara,yes Selectman Cotton,yes Mr. Halpern, no Ms. Pimental, yes Opposed, (1) It was noted the new Municipal Affordable Housing Trust guidebook has been published and is available for review.