03/28/2007 ZONING BOARD OF APPEALS Minutes

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that is deemed affordable to households earning no more than 70% of the AMI. The deed riders that are required in order to ensure the restrictions on affordability are subject to the review and approval of the Board's Counsel, such approval not be unreasonably withheld. Such approval must be provided prior.to the issuance of building permits and evidence of the recorded deed rider must be provided to the Board and the Building Inspector prior to the issuance of occupancy permits. 23. At least one of the Project's two affordable units shall be reserved for present residents of Mashpee, 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 fill opportunity to be directly involved with the lottery process. To that end, the Applicant's lottery agent shall keep the MAHC fully informed of all steps in the lottery process and shall give the MAHC an opportunity to participate in the lottery process. The Applicant shall work closely with the lottery agent and the MAHC to ensure that the lottery is held at a time that is reasonably congruent with the availability of the affordable units. 24. At a minimum, two out of the first six units that are built and sold must be affordable units. 25. The Monitoring Agent for the project shall be a qualified entity approved by MassHousing. 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. The copy of the Monitoring Services Agreement must be approved by the Board's Counsel, such approval not to be unreasonably withheld, and executed prior to the issuance of occupancy permits. 26. The Applicant may earn no more than 20% profit for the Project, with all excess profit being paid to the Town of Mashpee for the exclusive purpose of facilitating affordable housing. A copy of any Regulatory Agreement that is executed by and between the Applicant and MassHousing shall be provided to the Board. 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 Applicant shall also provide the Board with a copy of each deed and each HUD settlement statement for the initial sale of unit. ,t southside 11-final permit 9