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D1�AF'T --/`/`3 Ad/\Y2010St"F"C'JAI. &�,ANNI]AL70WN .ME.1-1'T1NG W.A]Z],,AN'[ ���c 8 <br /> Explanation: The goal of this project is to allow a more efficient procedure to enable the <br /> acquisition and subsequent development ofaffordable housing projects intheTnvvnofMoshpee. <br /> The Affordable Housing Trust is the authority who may purchase, hold, and make decisions <br /> regen]ingthedevelopment ofaffordable units. Granting available funds tothe Affordable Housing <br /> Trust will empower the Trust to negotiate with developers and execute real estate transactions <br /> effectively and efficiently. <br /> The Board of Selectmen recommends approval of Article 13 by a vote of 4-0 <br /> The Finance Committee recommends approval ofArticle 13 by avote mf5'l <br /> Article 14 <br /> To see if theJown will vote to appropriate and transfer from the Community Preservation Fund <br /> 10%Affordable Housing Reserve, in accordance with the provisions of M.G.L. Chapter 44B §5, the <br /> sum of $330,000 for the purpose of funding the K4ashpee Housing Assistance Program || for an <br /> additional three-year period, said sum to be allocated as 8 CPA award of $110,000 per year, <br /> including any necessary costs and expenses related thereto as recommended by the Community <br /> Preservation Committee, said sum tobe disbursed subject toand contingent upon prior execution <br /> ofnMemorandum ofUnderstanding between the fund recipient and the Board ofSelectmen, the <br /> terms ofwhich shall baacceptable tosaid Board ofSelectmen, said funds tobe held and expended <br /> by the Affordable Housing Trust ("Trust") Board oFTrustees for the purpose offunding Affordable <br /> Housing, including any necessary costs and expenses related thereto, provided, however,that said <br /> sum shall be used exclusively for community housing and shall remain subject to all the rules, <br /> regulations and limitations of M.G.L. c 44B when expended by the Trust shall be accounted for <br /> Separately by the Trust, and, provided further, that at the end of each fiscal year, the Trust shall <br /> ensure that all expenditures of said funds are reported to the Community Preservation Committee, <br /> or take any other action relating thereto. <br /> ` <br /> Submitted bythe Community Preservation Committee <br /> The Community Preservation Committee recommends approval of Article 14 by a vote of 7-0-1 <br /> Explanation: This article seeks funding from the Community Preservation Fund Affordable Housing <br /> Reserve to continue the HuUSingASSi5tGDC2 P[OgFa[D for an additional /3\ three-year period, by <br /> way ofaCPA award of$11O,OUOper year, for atotal of$3SO,000. The program during the three- <br /> year period is estimated to assist 40 Mashpee families including the funding of administrative costs <br /> inthe amount of$O,OOOtomanage the program. <br /> For ease of management and efficiencies, it is the recommendation of the Community Preservation <br /> Committee to grant the Affordable Housing Trust ("Trust") Board of Trustees of said Trust the <br /> recipient of all Affordable Housing projects. <br /> In addition to the submission of quarterly reports, a Memorandum of Understanding between the <br /> Board of Selectmen and Mashpee Housing Authority is required for the operation of the program <br /> and limitation oFthe expenditures to $1ICiOOOper year, $2J,5OOper quarter. <br /> The goal ofthis project istoassistMashpeeresideUtSinoneVrnnoneoftheFollovvngareoz; <br /> m Ongoing short-term rental assistance (12-24 months) <br /> • One-time assistance for firSt/las+/securitydeposits <br /> * One-time emergency assistance for rent <br /> • Mortgage assistance for short-term (1-3months) <br /> m Unvvn payment assistance for first-time homebuyers <br />