05/07/2018 Annual Town Meeting - Laserfiche WebLink

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Explanation: The 37 Center Street condominium was built pursuant to a comprehensive permit issued under M.G.L. C. 40B. When it was sold to Ms. McBrien, a deed restriction was placed on the property limiting the resale to persons who make no more than 120 percent of the median area income. While the property was constructed under a comprehensive permit, the property does not contribute to the Town's affordable/subsidized housing inventory. The purchase of the restriction to persons who make 80 percent of the median area income would increase the Town's affordable/subsidized housing inventory by adding the property to it. The Board of Selectmen does not recommend approval of Article 18 by a vote of 4-0-1. The Finance Committee does not recommend approval of Article 18 by a vote of 5-0-1. Motion made by Petitioner Kathryn McBrien Donahue. Motion: I withdraw Article 18. Article 19 To see if the Town will vote pursuant to M.G.L. ch. 40 to authorize the Board of Selectmen to release and extinguish a 120 percent moderate income restriction on a real property identified as 37 Center Street, (Mashpee Assessors Map 36, Parcel 47D) and recorded in the Land Court Department of the Barnstable Registry of Deeds as part of Document No. 1,021,017 in consideration of the payment of all funds in excess of that allowed under the resale provisions of the deed restriction to the Mashpee Affordable Housing Trust for purposes of developing affordable housing, and to authorize the Board of Selectmen to prepare and execute such agreements, deed, and other instruments necessary to effect such transfer upon such terms and conditions as the Selectmen shall deem to be in the interest of the Town. Submitted by Petition Explanation: The 37 Center Street condominium was built pursuant to a comprehensive permit issue under M.G.L. C. 40B. When it was sold to Ms. McBrien, a deed restriction was placed on the property limiting the resale price. It also requires that it be marketed first through the Housing Assistance Corporation (HAC) to persons who make no more than 120 percent of the median area income and if unable to be sold through HAC, could be sold to a "non-eligible" purchaser, but would remain subject to the restriction. HAC did not attempt to market the property as it has no "eligible" purchasers and no "non-eligible" price. While the property was constructed under a comprehensive permit, the property does not contribute to the Town's affordable/subsidized housing inventory because only properties restricted to 80 percent of the median area income qualify for the inventory. The article provides authority for the Board of Selectmen to release the restriction in exchange for Ms. McBrien providing a payment of all funds in excess of the resale price for the Affordable Housing Trust. A release of the restriction under the proposed article will provide needed funds to support affordable housing and not impact the Town's attempts to attain the ten percent affordable housing goal of M.G.L. C. 40B. The Board of Selectmen recommends approval of Article 19 by a vote of 4-0-1. The Finance Committee recommends approval of Article 19 by a vote of 4-0-1. 22