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Page 2 <br /> Main Street Village—Phase II <br /> Mashpee,MA <br /> PE-359 <br /> appropriate for the Site and Site location; (2) the proposed Project appears financially feasible <br /> within the housing market in which it will be situated (based on comparable sales figures); (3) an <br /> initial pro forma has been reviewed and the Project appears financially feasible on the basis of <br /> estimated development costs; (4) the proposed financing is reasonable and profit is properly <br /> limited; and (5) the developer is financially responsible and meets the general eligibility <br /> standards of the Programs. In addition, the applicant would be eligible to apply as a limited <br /> dividend organization in connection with an application for financing under the Programs. <br /> Staff has also determined that the Project appears generally eligible under the requirements of the <br /> Programs, subject to final review of eligibility and to final approval. These requirements include <br /> the following: <br /> 1. The developer must offer a minimum of 25% of the units for sale to households earning <br /> no more than 80% of the area median income, adjusted for household size, as published <br /> by the U.S. Department of Housing and Urban Development (HUD). The most recent <br /> HUD income limits indicate that 80% of the current median family income for a 4-person <br /> household for the Municipality is $49,440. Note, however, that in order to attract a <br /> sufficient number of qualified buyers for the affordable units, the initial maximum sales <br /> price for the affordable units will be calculated by MassHousing to enable a household <br /> earning not more than 70% of area median income of an appropriate size household <br /> (appropriate size equals number of bedrooms in the unit plus one) to qualify to purchase <br /> the unit under generally accepted mortgage loan underwriting standards. <br /> 2. The affordable units will be governed by a Deed Rider ensuring the units remain <br /> affordable to future buyers, fora minimum of 30 years. <br /> 3. The developer must be a limited dividend organization and agree to limit the profit on the <br /> development to not more than 20% of the project's total development costs as determined <br /> by MassHousing. <br /> 4. The developer must comply with MassHousing's Acquisition Value Policy, which is <br /> attached as Exhibit"A". <br /> 5. The developer must enter into a Regulatory Agreement with MassHousing stating <br /> specific requirements which must be met to comply with the applicable Program, the <br /> Comprehensive Permit Rules and the Guidelines. <br /> 6. In order to satisfy the Program requirements, financing for the Project must originate <br /> from a subsidizing lender such as MassHousing or a bank that is a member of the Federal <br /> Home Loan Bank of Boston (FHLBB). Should you choose to finance the Project through <br /> a member bank of the FHLBB, a minimum of 25 percent of the financing must be <br /> obtained from the NEF program. Evidence of financing for the Project must be provided <br /> during your request to MassHousing for Final Approval. The Regulatory Agreement shall <br />