Laserfiche WebLink
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 /> Ms. Hamman answered there are all kinds of financial assistance, from private, to nonprofit, <br /> and full profit developers. In reality, constructing affordable housing is not affordable. <br /> Legislature is working on seasonal communities through the Affordable Homes Act. The HOME <br /> Consortium will always hold a meeting to get public feedback, but it starts from the town side. <br /> Deed restricted properties come from a variety of projects and permitting processes. For profit <br /> Chapter 40B states that 25% of the units need to be designated affordable. There are non- <br /> profits with deed restrictions. An existing building can be part of a housing program for <br /> affordable housing. They work with towns and Trusts in the communities. <br /> Mr. Sparkes likes the idea of the Mashpee committing to a rehabilitation project, that is deed <br /> restricted, and SHI eligible. <br /> Mike Perkins- He asked about the example provided of the Wellfleet development, and if it is <br /> privately owned once completed. Secondly, there is financing from a lot of different funding <br /> sources, does any of that need to be paid back? <br /> Ms. Hamman answered there are mortgages and liens that run 30-50 years, as long as it stays <br /> in its state as affordable, it can be extended. An investor buys those low-income tax credits. In <br /> this specific example, a non-profit owns it, they worked alongside others to put it together, and <br /> a property management company will lease out the rents with correct regulations to be <br /> followed. With a developer on a long-term project, mortgages are deferred. <br /> Cape Cod Commission <br /> Erin Perry, Deputy Director for the Cape Cod Commission, is present this evening to discuss <br /> affordable housing at the regional level. She has a Master's Degree in Coastal Planning and <br /> Policy, and has been with the Commission for 14 years, but in this role for 7 years. <br /> Regional Housing Strategy <br /> (Barnstable County ARPA funds) <br /> - 80% of current housing is single family homes <br /> - 2% of the region is zoned units to be built by right, with limited opportunity for different <br /> housing types. <br /> - Sales prices increased that far exceeded income ($210,000 medium income) <br /> - Takes 2 months for average short-term rentals to exceed average year-round rents <br /> - Housing demand is projected to outpace supply <br /> Purpose of Strategy: identify policies and strategies for development and redevelopment to <br /> address housing supply and affordability and availability challenges. <br /> Guiding Principals <br /> 6 <br />