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3 <br /> Finance Committee <br /> Minutes <br /> August 3 1,2017 <br /> Review&Action- Draft October 16, 2017 Annual'down Meeting warrant: (continued) <br /> The following articles were reviewed and acted upon; <br /> Article#1: To transfer the sum of$27,145 for the purpose of funding the debt associated with <br /> the CW-50-C loan from the state as the final debt schedule was received after the <br /> articles were submitted for the May 2017 Town Meeting. <br /> For clarification purposes it was disclosed the w- o- loan is associated to the Clean Water <br /> Act relative to a zero interest loan for the Town's Sewer Flan under the State's Revolving Fund. <br /> This is the Prenewal. <br /> Article#7: Community Preservation Act funding in the amount of$375,000 to fund the <br /> Mashpee Housing Authority new Buy-Down Program exclusively for Mashpee <br /> residents. <br /> Leila Botsford, Executive Director of the Mashpee Housing Authority gave an overview of the <br /> new buy-down program proposed to reduce the costs associated to the purchase of rental <br /> properties,to rehab if required, and to rent at affordable rental rates. <br /> CPA funding would be used as a down payment to offset costs and to maintain affordability. <br /> The Mashpee Housing Authority would own the properties and act as the landlord. Rents would <br /> be offered to Mashpee residents below market value to maintain affordability. Funds received <br /> from the rent would offset mortgage casts and other fees associated to the maintenance and <br /> management of the rental hones. <br /> Mrs. Botsford indicated the goal of this project is to focus on the purchase of two and three <br /> bedroom homes. when asked ifthere is a special mortgage provider being used for this project <br /> or if federal grant prograrns are being sought Mrs. Botsford stated she works closely with the <br /> Cape Cod Five Sang Bank and the TD Bank and it is hopeful the most desirable interest rates <br /> would be obtained. Since the program and its funding have not been secured it is possible the <br /> project would seek federal grant programs, However, at this time only preliminary cost <br /> projections have been obtained. With approval of the project,the MHA would solicit proposals. <br /> Mrs. Botsford was asked if the MHA has received any input from Habitat for Humanity of Cape <br /> Cod. In response Mrs. Botsford indicated the MHA is active in multiple property management <br /> throughout the Town of Mashpee and is open to reviewing this project with Habitat for <br /> Humanity if savings are recognind. <br />