8/4/2020 AFFORDABLE HOUSING Minutes

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f Road was a$16 million project featuring 3 buildings, with a significant amount of progress made in drawings,plans and environmental work. The development team consisted of Mr. Dempsey, Cory Fellows of POAH, David Quinn of Housing Assistance Corporation and Steve Tyce, architect. Environmental engineering was being completed by Brian Kuchar of Horsley-Witten. Mr. Dempsey noted that this project would be the 10"' collaborative project on Cape between POAH and HAC, 7 of which have been completed. Financing of the project was being addressed. David Quinn, HAC, stated that they managed more than 550 units on the Cape and Islands, emphasizing the value of partnering with POAH, particularly with their experience in tax credits. Regarding 950 Falmouth Road, Mr. Quinn referenced Parcel C that had been set aside for conservation, focusing on Parcels A and B, with structures located on Parcel A, while wastewater treatment, septic and the leaching field would be located on Parcel B, in an effort to minimize impacts to the area. Mr. Quinn confirmed that, after finalizing the Development Agreement in February, HAC/POAH addressed design and survey work for environmental assessment, including additional soil samples due to illegal dumping found on site, adding that nothing concerning was found with the study. A wetlands was identified on the northern property line of the abutting property,which would impact the parking design. A meeting with Town staff occurred in April, in order to accept feedback for project designs. A Project Eligibility letter was submitted to DHCD in June to initiate permitting through the Chapter 40B process, and the developers were awaiting word from the State regarding project suitability. A Zoom meeting, which was recorded, was made available to abutters from South Cape Resort and Great Hay Estates, and 10 people were in attendance. Abutters expressed appreciation about connecting earlier in the process. South Cape Resort expressed concern about building appearance so additional renderings were being developed to address those concerns. Other concerns expressed included traffic impacts during construction and once occupied. Mr. Quinn stated that the developers would remain in touch with the abutters during development of the site. Filings had also been submitted to the Board of Health for wastewater and Conservation Commission for wetland issues. It was expected that submission to the ZBA would occur in August, depending upon Project of Eligibility status from the State. It was hoped that hearings could occur in the fall. Pre-application for tax credit funding would occur in November 2020, with full application in February, though Mr. Quinn noted that it typically tools a few rounds to become eligible. The funding was necessary to initiate construction, but it was hoped it could begin in 2022. The Chair inquired about sources of funding and Mr. Quinn responded that, in addition to tax credit funding,they would be seeking a construction loan, Community Preservation Funds and county and state home funds and home developer equity. Mr. Dempsey added that funding for the $15.7 million project($12 million in construction, $3 million in soft costs) sources would include tax credit equity of$11 million, and soft funds included Affordable Housing Trust of$1 million, $500,000 in local state home funds, and DEP soft funds of$1.1 million and $3 million and $250,000 in local funds. The project was designed as 39 units with 14 1-bedroom apartments, 21 2-bedroom apartments and 4 3-bedroom apartments. Mr. Quinn noted that the original design of a Vermont style barn building received feedback requesting a redesign. Although the building remained in the same 2