02/25/2019 BOARD OF SELECTMEN Agenda Packet

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DRAFT#1 MAY 2019 SPECIAL &ANNUAL TOWN MEETING WARRANT Page 8 Explanation: The goal of this project is to allow a more efficient procedure to enable the acquisition and subsequent development of affordable housing projects in the Town of Mashpee, The Affordable Housing Trust is the authority who may purchase, hold, and make decisions regarding the development of affordable units. Granting 'available funds to the Affordable Housing Trust will empower the Trust to negotiate with developers and execute real estate transactions effectively and efficiently. The Board of Selectmen recommends approval of Article by a vote of The Finance Committee recommends approval of Article by a vote of Article To see if the Town will vote to appropriate and transfer from the Community Preservation Fund 10%Affordable Housing Reserve, in accordance with the provisions of M.G.L. Chapter 44B §5,the sum of $330,000 for the purpose of funding the Mashpee Housing Assistance Program If for an additional three-year period, said sum to be allocated as a CPA award of $110,000 per year, including any necessary costs and expenses related thereto as recommended by the Community Preservation Committee,said sum to be disbursed subject to and contingent upon prior execution of a Memorandum of Understanding between the fund recipient and the Board of Selectmen,the terms of which shall.be acceptable to said Board of Selectmen,said funds to be held and expended by the Affordable Housing Trust ("Trust") Board of Trustees of said Trust for the purpose of funding Affordable Housing, including any necessary costs and expenses related thereto, provided, however, that said .sum shall be used exclusively for community housing and shall remain subject to all the rules, regulations and limitations of M.G.L. c. 44B when expended by the Trust,shall be accounted for separately by the Trust, and, provided further,that at the end of each fiscal year, the Trust shall ensure that all expenditures of said funds are reported to the Community Preservation Committee, or take any other action relating thereto. Submitted by the Community Preservation Committee The Community Preservation Committee recommends approval of Article _by a vote of 7-0-1 (1 abstention). Explanation: This article seeks funding from the Community Preservation Fund Affordable Housing Reserve to continue the Housing Assistance Program for an additional (3) three-year period, a CPA award of $110,000 per year, a total of $330,000. The program during the three- year period is estimated to assist 40 Mashpee families including the funding of administrative costs in the amount of$5,000 to manage the program. For ease of management and efficiencies, it is the recommendation of the Community Preservation Committee to grant the Affordable Housing Trust ("Trust") Board of Trustees of said Trust the recipient of all Affordable Housing projects. In addition to the submission of quarterly reports,a Memorandum of Understanding between the Board of Selectmen and Mashpee Housing Authority is required for the operation of the program and limitation of the expenditures to $110,000 per year, $27,500 per quarter.