02/03/2026 AFFORDABLE HOUSING Minutes (2)

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00 ""W"a w, IMP. IMBO w Afforda6Ce Housing Committee 16 Great Neck RoadJVorth Mashyee, M-A 0264.9 ownership can go up to 80%, that equates to $355,000 for a home purchase. There are no homes in Mashpee for that price. She thinks these programs should be reevaluated for usefulness. It was stated the Affordable Homes Act for seasonal communities was passed, and there is a database for deed restriction as well as the SHI report. Towns seem to be going in that direction. However, record keeping in the 1980's wasn't great, as well as recording at the Registry of Deeds, so it is going to be a work in progress. The Town Planner added that the I ist comes from the state, then Mashpee updates the units that are SHI eligible and sends those back to the state for a Notice of Certificate of Occupancy, the state then certifies them as part of the SHI and updates the list. Mr. Sparkes reviewed some of the AMI data, stating a family of four can afford a rental payment of$2,670 a month. He noted LeClair Village received $300,000 from the HOME Consortium. Ms. Hamman stated EOHLC has application based funding rounds, but they also get$450,000 a year. In previous years it has been a larger dollar amount, specifically during COVID. This typically allows them to fund one project a year and is used only towards construction of rental Chapter 40B, not single family home ownership. To fund a homeownership, requirements are more strict, with limits to what can be funded and how. Certain funds cannot be used in conjunction with other funds, and that can be tricky to navigate. Ms. Harriman mentioned over 80% AMI funding sources do exist, such as Mass Housing with their new workforce housing. It will not count on the SHI, but it can have funding with its own requirements, and is certainly filling a need. As far as the developer's profits are concerned, it depends on the project. There is a lot of non- profit input, POAH, HAC, Community Builders Inc, and then it depends on what they have for capital. They provide funding and a mortgage on the property, but a 40B can't have more than 20%, so it may be more like 14%. The project might pivot or change down the line, and it can be a very lengthy process. After community engagement, they put out the RFP, then some preliminary funding rounds do not make it, and they wait for the next round, which could result in a year or more of waiting. PUBLIC COMMENT A question was asked regarding the involvement of private investors. 5