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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 /> meetings. It was 2020, so everything was done through Zoom. Starting the permitting can take <br /> a while, and you have to apply to the state for eligibility. Then the design and finance packages <br /> are reviewed, hopefully with town support, then a project eligibility will go to the Zoning Board <br /> of Appeals. That process can sometimes take 6 months. For example, the Governor Prence <br /> Motel project eligibility letter took several months to secure. The state acknowledges the <br /> project is eligible to use the 40B pathway. There is a local appeal period, then the application <br /> will be submitted to the ZBA. <br /> Cape Cod zoning in general lacks the allowance of multifamily. It is the only way for these <br /> projects to get permitted with some exceptions, by right zoning, that allows for multifamily, and <br /> most areas do not allow the density for multi. It makes 40B the only way to get a project <br /> permitted. <br /> LeClair Village had 16 different funding sources. The Deferred Developer Fee is commonly <br /> seen on budgets, the 40B formula tells the developer how much is the overhead and profit. <br /> Funding requires you to support the developer fee to cover the overhead, but defer a portion of <br /> that fee into the project. <br /> Key Considerations <br /> Solar(post-closing) <br /> 9% LIHTC financing: Typically takes at least 2 attempts, by the time permitting completes it <br /> takes 2 years to compete. <br /> 40B Zoning <br /> Eversource electric lines underground to property <br /> Supply Chain challenges <br /> Inflation <br /> Wastewater <br /> They often use Mass Works or Housing Works for specifically tailored multifamily housing <br /> developments. <br /> Timeline for LeClair Village: <br /> RFP— Dec.2019 <br /> CPC funding award - Spring 2023 <br /> Financial closing —January 2023 <br /> Broke ground —June 2023 <br /> Construction- Spring 2023- Fall 2024 <br /> Ribbon cutting- October 2024 <br /> 100% Full occupancy- November 2024 <br /> Playground — Summer 2026 <br /> 7 <br />