7/11/2017 AFFORDABLE HOUSING Minutes

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u.; 7 Center Street, ZBA Application to Remove Affordability Restrictions-114r, Taylor reported that he had made the Board of Selectmen aware of the ZB . meeting being held on June 20, where the issue had been continued. Mr. Taylor reported that another request had been received inquiring if the town wished to purchase another unit at the same site. Mr. Abbott reported that he had been in attendance at the meetings and that he knew the owner requesting that the affordable rider be removed. Mr. Abbott stated that the homeowner attended with her attorney and with documentation indicating that HAC was supposed to assist with the selling process, but that there were two classifications, low and moderate. The homeowner had a moderate classification, and with irnproVements to the property, could sell the hone at $350,000, but affordable buyers could pay just $120,000. There were mixed opinions on the zB , including benefits the homeowner received, such as lover tax value. Ms. Waygan noted that the deed rider could have been a three party document signed by the State, Chairman Isbitz had also been researching the issue, but further information was necessary to determine whether it was a DHCD or MassHousing issue. It was confirmed that HAC was designated the monitoring agency and that DHCD had documentation for Phase II of the development. The ZBA was also seeking additional information for greater clarification. Mr. Taylor stated that Town Counsel would be reviewing the issue. Chairman Isbitz indicated that, according to MassHousing, there was a way to get out of everything with sales and resales, including restrictions. The chair was hopeful that the issue would again be continued to gather further information. Ms. Waygan referenced her experience in Yarmouth, stating that the difference between the market rate and the affordable rate from a sale was returned to the town. In addition if the horns was sold to a non-income eligible household, a mortgage was acquired with the lowest income and the deed rider in place. The Chair stated that if no one qualified, the sale could not be made to an income eligible person who could not afford the unit based on the fixed formula. Ills. Wayga.n responded that, in that case, DHCD had overruled it and lowered the price of the home, which would be completed b petition. Ms. Waygan stated that Yarmouth bought down the gap With the assistance of matching funds from DHCD. It was believed that the gap in the Mashp ee case would be more than $15,000. There was discussion regarding whether or not the owner could sell at the fall market price. I11r. Abbott stated that if the restrictions were removed, other owners would request the same. There was discussion regarding three units classified as moderate and three as low, with a total count of 16 units receiving credit toward Mashpeexs affordable percentage. There was discussion regarding the resale multiplier and the fact that the homeowner purchased the moderate hone at a higher price than the other moderate homes. The Chair expressed concern about the potential for Mashpee's loss of using 40B should DHCD not see the Town working toward keeping affordable housing. It was noted by a real estate agent_that if she were to price the unit in question} she would list it at $275,000. Ms. Waygan confirmed that the deed rider was -party between the developer-and the owner, the only ones who could release the rider, Town Counsel would need to determine who would be eligible to release the rider since the developer was no longer in business. Ms. Waygan pointed,out the possibility that, if the unit was allowed to sell with the restriction, it could be purchased as a second horns removing it from the inventory, noting that 0% of Cape housing was seasonal, causing stress on Cape housing. The next ZBA meeting will be tomorrow night, 243 Cotuit load Project-Chairman Isbitz reported that the owner of the site was interested in developing his property to offer eight rental units as possible affordable housing. The owner had been in contact with Mr. Fudala, was looking into the feasibility and had already developed a reasonable site plan. NEW BUSINESS Mashpee Commons Chapter 40B Protect-Ms. Waygan confirmed that Mashpee Commons would be presenting at the September 6 Planning Board meeting, and recommended that individuals intere'sted in Affordable Housing attend. Tony Simon,, public relations for i ashpee Commons, has been the point 6f contact. Ms. Waygan stated that the Cape Cod Commission would require that 10% of any new units be affordable. It would be beneficial for 111lashpee to codify the 10% requirement locally. Chapter 40B required that % of 2