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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 /> Local funding sources are significantly faster while tax credits and state funding can take a <br /> long time. They were recently able to get some funding for the playground. The Town did <br /> commit 2 different CPC awards, one of which came in soon after construction closing and went <br /> towards solar costs. The second one was more recently awarded and was combined with a <br /> private contribution to fund the playground, scheduled to open this summer. <br /> Chair Sparkes appreciated the project breakdown, he was amazed at all 17 financial partners, <br /> which is crazy to coordinate. He asked who manages the funding sources. Mr. Quinn <br /> answered that was one of the reasons HAC likes to partner with POAH, financing is their <br /> expertise, and throughout the project POAH takes the lead. HAC assumes a supporting role, <br /> helping with permitting, gaining local support by reaching out to the neighborhood, and town <br /> officials, and making sure it's an overall fit for Cape Cod. POAH leads the construction end. <br /> Mr. Fellows stated HAC takes a prominent role with the leasing and helping run the housing <br /> lottery. <br /> Ms. Geoffrion asked if she had a house and could not come up the mortgage, would they help <br /> her with funding? <br /> Mr. Quinn answered that HAC focuses more on homeownership for affordable homes. They <br /> assist buyers who are ready to purchase, through a first-time home buyers program. HAC is a <br /> regional moderating agent. When a deed restricted unit comes up for sale, HAC is involved in <br /> finding a buyer that meets criteria, as many are interested, there is a lottery. <br /> Ms. Geoffrion referenced the overhead costs of one new build unit being $600,00-$700,000, <br /> and she wants to know why people aren't given money to find housing. <br /> Mr. Fellows does this for a living, and there are moments that crosses his mind. They are very <br /> mission driven, and its an imperfect system. There is no profit and rents are capped. Given the <br /> current housing environment, they want to be as sustainable as possible. Any profit from the <br /> development gets rolled back into the next project. There is long term management and <br /> resident services on these properties for upkeep. There is also a transitional platform when <br /> residents are ready to save up and have a down payment. <br /> FSS <br /> The Financial Self Sufficiency Program is for residents who have project-based Section 8 <br /> subsidies, when they have an increase in income, and rent would otherwise go up, they can <br /> take that marginal difference and put it into a savings account that can build up overtime with <br /> the help of financial literacy programs. <br /> 8 <br />