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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 /> mortgage. The senior mortgage and debt are deferred interest and may only get paid back at <br /> recapitalization. Some hold ups can include supply chain issues, weather challenges, or if the <br /> back end has been stretching out more. If you carry a construction loan longer than budgeted <br /> there are downward adjusters for missed deadlines or if they fail to deliver enough units, tax <br /> credits are reduced, but the gap has to be filled. The town could contribute the land to the <br /> project. The land is market rate, but some of these infill properties are off the beaten path and <br /> bringing utilities in and wastewater is a costly factor. <br /> Mr. Quinn noted they know the scope when the town has the feasibility study. The vision of the <br /> town and appropriate density is defined, and they respond to that. There is some flexibility with <br /> units and layout, but there are parameters of the parcel, usually between 30-50 units, with half <br /> of the AMI under 80%, but you acquire more points if all are below 80%AMI. Ultimately, you <br /> want to give the developer some flexibility. <br /> Mr. Fellows commented assuming these are tax credit projects, the state agencies will help <br /> narrow it down as well. When this RFP said looking for up to 50 units, it was determined 39 <br /> was more appropriate when looking at constructability, design considerations, and wastewater. <br /> Mr. Quinn stated part of the funding package is to provide and put together the QAP (Qualified <br /> Allocation Plan), that dictates the credits awarded, scoring criteria for LIHTC, to see if it's a <br /> viable candidate and how it could get funded. An agency can come in, like Mass Housing <br /> Partnership, who consults to ensure the RFP would attract developers and meets guidelines. <br /> Mr. Fellows noted one factor that is increasingly important in recent years is this <br /> understandable desire to have it look like single family homes and blend in. This adds to costs <br /> and the state has been increasingly explicit they will not fund this. The project in Brewster that <br /> broke ground was consolidated from several different buildings to just a few, and that was a <br /> direct response to them saying it won't be funded. There is a lot that can be done through <br /> design and landscape, and LeClair Village is an example of this. <br /> Mr. Quinn stated the LIHTC model isn't the only pathway. There are RFP's for smaller projects, <br /> like the 14 units theyjust finished in Orleans in a historic residential neighborhood. It is small <br /> scale and fits closely with the neighborhood, they just couldn't tap into state resources. A larger <br /> funding source was the town and surrounding towns. Other towns respond to the overall need. <br /> The Chair asked when the RFP is put out, how does everyone work together at that point? <br /> Mr. Quinn said their agencies work together from the beginning. The development team has <br /> repeat partners, architects, and contractors, and stuff is brought to them. Then they hear about <br /> the RFP and the role that HAC plays. They know quickly if something will be financeable based <br /> 11 <br />