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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 /> Mr. Tobin asked Mr. Fellows about the slide showing the sophisticated funding sources, and he <br /> asked how many were loans verses gifts. <br /> Mr. Fellows stated the significant portion of those are loans. That is part of the concept to new <br /> construction, the indirect effect on the housing market is set by supply and demand. If there <br /> are less units on the market, they are going to be more expensive because they are highly <br /> sought after. New projects put new units on the market. <br /> Ms. Geoffrion added if you are buying a cheaper market rate home the house wont be in good <br /> condition. It's hard to find a home for less than $400,000 on Cape Cod right now. <br /> Mr. Sparkes went on the HAC site and saw the first-time home buyer program. He also saw <br /> the lottery for a house in Falmouth for $235,000. <br /> Mr. Tobin stated certain municipalities have the home ownership model, they purchase the <br /> deed restriction, and you can see the benefit of this model with rental units because you can <br /> increase density in a smaller amount of land, and land is scarce. Some people will only be in <br /> the affordable rental game for 2-4 years so there is a higher turnover rate. <br /> Mr. Quinn stated there is about a $300,000 gap between what a person can afford and the <br /> average price of a home. The area lacks starter homes, and they are hard to find. They are <br /> working with construction companies in modular design to help drive down costs. This means <br /> they need to create projects that don't have subsidy requirements but could be sold on the <br /> open market for $400,000-$450,000. This can be afforded by a moderate-income person, there <br /> is no affordable restriction, just a year round rental restriction. There would be competitive <br /> funding rounds and a scoring system, the more energy efficient a home is the more points a <br /> house can get. The more bells and whistles that are added get you into different funding <br /> criteria, while it also drives up costs. <br /> During the feedback sessions that is a common topic of discussion, the modular homes are <br /> quality safe housing and could be the potential solution. POAH is in the first phase of a <br /> modular housing project in Somerville, the conversion and adaptation of state public housing. <br /> POAH brought in a modular company from the Netherlands, they built a factory in Littleton on <br /> Route 2. The product is predictable, replicable, and efficient. There are some zoning <br /> challenges. <br /> Ms. Muller asked about modular home or rental units. Production line assembly is more <br /> affordable. <br /> 9 <br />