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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 developer to underwrite and borrow more long-term money. There are some projects <br /> where there is a cross subsidy. This happens when there is a market rate component, and that <br /> revenue helps cross subsidize the affordable piece. It isn't as easy as it sounds. <br /> The Community Reinvestment Act (CRA)was federally passed to encourage commercial <br /> banks to meet borrowers' needs across all income levels. They invest in LIHTC to get positive <br /> CRA evaluations. Banks are given CRA ratings, ensuring they meet certain requirements to <br /> different levels of banking <br /> LeClair Village Apartments <br /> 39 Affordable apartment units <br /> 3 PHIUS- certifies buildings equipped with solar <br /> Friendly 40B <br /> Local preference at lease up <br /> 60% LIHTC:14 - 1 BR & 16- 2 BR, 1- 3BR <br /> 30%AMI 8 project-based vouchers: 5- 2BR and 3 -3BR <br /> There was a local preference on this project, the Town asked and the state granted for up to <br /> 70% of the units to go to Mashpee residents. Local preference goes to people already living <br /> and working in the town or have a child enrolled in the school. You have to be able to prove the <br /> concept and need for the units being provided. At least three projects on Cape have the <br /> Passive House Energy Efficient Certification. When the town supports the process it can run <br /> smoother. Then, they find a permitting pathway. <br /> M.G.L. Chapter 40B is a process under a chapter of state regulations that allows a project to <br /> move forward through the ZBA as the single permit issuing authority. In the case a proposal <br /> does not meet all requirements for a list of waivers, there are projects that come about that are <br /> not supported. A bid goes out, a developer is selected, they work closely with design and the <br /> Adorable Housing Committee and Select Board. They work closely with the town staff to fine <br /> tune the designs and plans before the final Zoning Board vote. That is the friendly side of the <br /> 40B process. Sometimes the process is talked about as being contentious, when a community <br /> has less than their 10% affordable goal towards safe harbor. <br /> New Bedford is beyond their 10% goal right now but they voluntarily went through the 40B, <br /> invoked safe harbor, went on record saying they didn't have to do it, but were doing it anyways. <br /> There is still a rigorous ZBA process, with feedback, public comment, done in a coordinated <br /> streamlined way. <br /> Mr. Quinn stated that selecting HAC and POAH is not the same as permitting. This is always <br /> an interesting process how it plays out. LeClair Village had 4-5 smooth and collaborative <br /> 6 <br />