02/10/2020 BOARD OF SELECTMEN Agenda Packet

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*DRAFT* AFFORDABLE HOUSING TRUST MINUTES 11-4-2019 Affordable Housing Trust Minutes November 4, 201 Motion made by Selectman Cotton to approve the revised plan and.layout as submitted by POAHIHAC for the 950 Falmouth Road Affordable Housing project. Motion seconded by Selectman O'Hara. VOTE, Unanimous. 6-0. Roll Ca11'Vote: Selectman Gottlieb, yes . Selectman Cotton,yes Selectman O'Hara,yes Selectman Sherman,yes Selectman weeden,yes Finance member Richardson,yes opposed, none .Discussion of Sales and Status of the Center Street Affordable Housing-Units: The-Affordable Housing Trust met with Grail Kelleher of the Housing Assistance Corporation (HAC)to discuss the Center Street affordable housing units, property.located-off Route 130 near Cape Cod Coffee. Ms. Kelleher indicated that currently the (2) affordable housing units are for sale at property identified as 24 Center 'Street, Mashpee. The properties are deed restricted as low'income affordable housing. Both sellers are in a-situation that is deemed desperate and with lack funds the added condominium fees are scheduled to rise. The units have been listed as MIS since May at the mmaximum resale price of$1.89,000 based on the restriction,-which is more than market value. The market rate for-the condominiums is $175,000 per unit. To date, there has been no interest from eligible buyers. In accordance with the deed restriction on the subject properties, if an eligible buyer is not found within a 6-month time period, the deed restriction will be discontinued. After the 6-month term, the town would have the option to purchase the properties, and place them for sale as affordable with a new deed restriction. with regards to the 6-month duration,it was agreed that clarity would be obtained regarding the commencement of the regulated time period. Discussion followed with regards to the dire need for affordable housing in the Mashpee. community. It was agreed the Affordable Housing Trust would table this discussion to obtain further information from. Town Counsel regarding the.potential purchase to save the units for affordable housing, and of options to-form a new deed restriction. Funding exists in the AI IT budget that would allow the Trust to purchase the units reasonably. Motion made by Selectman Sherman to authorize Town Manager Rodney C.Collins to-begin the process to acquire and lease the (2) Affordable Housing units at 24 Center Street, Mashpee.