02/25/2019 BOARD OF SELECTMEN Agenda Packet

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DRAFT-9l MAY 2019 SPECIAL & ANNUAL TOWN MEETING WARRANT Page 11 Article To see if the Town will vote, as recommended by the Community Preservation Committee, to appropriate and transferfrom the Community Preservation Fund 10%Affordable Housing Reserve in accordance with the provisions of M.G.L. Chapter 44B §5,the sum of$125,000 for the purpose of funding the Acquisition of 646 Old Barnstable Road, Mashpee, identified on Assessor's Map 79, Parcel 13A comprised of 3.1 acres, including any necessary costs and expenses related thereto as - recommended by the Community Preservation Committee 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 Explanation: The Diocese of the Armenian Church has offered this property to the Town of Mashpee for the purpose of affordable housing as their vision for a church on this site is not feasible. The 3.1 acre parcel is located in the R-5 Zoning District. The site is a suitable location for affordable housing development under the mandates of the Chapter 40B Comprehensive Permit. It is anticipated that(4) units or twelve bedrooms could possibly be constructed with direct access to Old Barnstable Road. This is a valuable opportunity to increase the availability of affordable housing units and add to the Town of Mashpee Subsidized Housing Inventory. 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. The Board of Selectmen recommends approval of Article by a vote of The Finance Committee recommends approval of Article by a vote of