12/13/2006 ZONING BOARD OF APPEALS Minutes

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deed rider/restriction must be provided to the Board and the Building Inspector prior to the issuance of occupancy permits. With respect to the rental units in the Project, the use restriction shall contain provisions for the conversion of a reasonably comparable market rate unit in the event that the tenant of an affordable unit should exceed allowable income parameters, in accordance with DHCD standards. 17. The maximum number of affordable units allowed by law and applicable'subsidy program, but no more than seventy (70%) percent of the units, shall be reserved for present residents of Maslipee, or the parents of present Mashpee residents, or employees of the Town of Mashpee or teachers employed by the school district serving Mashpee or employees of the Mashpee Water District. A lottery shall be established in a form approved by DHCD to effectuate this local preference, with an approved secondary lottery for all other applicants. No occupancy permits may be granted until the Board has approved the lottery plan, such approval not to be unreasonably withheld. The Board shall be kept apprised of all events in the lottery process. The Mashpee Affordable Housing Committee (MAHC) shall be given a fiill opportunity to be directly involved with the lottery process. To that end, the Applicant's lottery agent shall keep the MAHC frilly informed of all steps in the lottery process and shall give the MAHC an opportunity to participate in the lottery process. 18. At a minimum, one out of every four units sold/leased must be an affordable unit. 19. The Monitoring Agent for the project shall be a qualified entity approved by DHCD. The Applicant shall provide the Board with copies of any and all correspondence, documents and statements provided by the Applicant to,the Monitoring Agent or from the Monitoring Agent to the Applicant. Tine copy of the Monitoring Services Agreement must be approved by tine Board's Counsel, such approval not to be unreasonably withheld, and executed prior to the issuance of occupancy permits. 20. The Applicant may earn no more than 20%profit for the home ownership portion of the project, with all excess profit being paid to the Town of Mashpee for the exclusive purpose of facilitating affordable housing. Similarly, the Applicant may earn no more than a 10% return per year for the rental portion of the project, with all excess profits being used for affordable housing purposes, as may be consistent with applicable law and subsidy requirements. Any Regulatory Agreements that are to be executed by and between the Town, the Applicant and DHCD shall be subject to the prior review and approval of the Board's counsel. The Regulatory Agreements shall be executed and recorded prior to the issuance of any building permits. Additionally, the Applicant shall provide the Board with a copy of any and all limited dividend audits certified cost/income statements, as well as any other correspondence or documents that are shared by and between the Applicant and the Monitoring Agent and their respective sub-contractors. The t Applicant shall also provide the Board with a copy of each deed and each HUD Mashpee Woods-final permit—6/12/08 9