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00 <br /> ""W"a w, <br /> IMP. IMBO <br /> w Afforda6Ce Housing Committee <br /> 16 Great Neck RoadJVorth <br /> Mashyee, M-A 0264.9 <br /> The SRHSP program consists of 3 Tiers: <br /> Tier 1, Regional services required <br /> - Biweekly office hours <br /> - Quarterly research reports or additional guidance documents <br /> - Semiannual virtual workshops <br /> - Maintenance of affordable housing database and other resources <br /> - Attainable housing guidance document <br /> Tier 2, Local support optional <br /> - Support for projects, local boards, plans, trusts, etc. <br /> - Email/phone support for miscellaneous questions <br /> - Support for projects <br /> Tier 3, Monitoring optional <br /> - Monitoring services for deed restricted homeowner units and rental units <br /> Mashpee has selected all 3 Tiers. <br /> Deed Restricted Maximum Sales Price- Single Family <br /> There is a statewide formula used to calculate deed restriction and it is based on number of <br /> bedrooms. The AMI, number of bedrooms, plus 1 person is factored, size is not factored nor <br /> are amenities. An example of the calculation was provided for a general 3 BR, 4 person, with <br /> 80% AMI. Everything factored includes insurance, square footage of the structure, sales price <br /> of the home, and down payment. Then, after taxes are considered, that calculation provides <br /> the maximum dollar amount. <br /> When the unit goes to resale with a deed restriction, that is factored in to ensure it does not go <br /> beyond 80% AMI. It would never sell for what a family cannot afford. A lot of deed restrictions <br /> from the 1990's are difficult to read and interpret, so you have to play close attention. <br /> Deed Restricted Maximum Sales Prices— Condo <br /> The property insurance decreases compared to single family homes. <br /> Ms. Geoffrion inquired about percentages of funding being spent on the actual home as <br /> opposed to paying staff. <br /> It was answered the HOME program gets those funds every year, and they rollover. Whatever <br /> they receive, they are allowed to have 10% distributed to Administration. <br /> Ms. Geoffrion stated at $650,000-$700,000 a unit for affordable, wouldn't it make sense to just <br /> give people the money instead of building, as the costs of construction have gone up <br /> considerably. With the HOME program, they can only serve 60-50% rental AMI, while home <br /> 4 <br />