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HomeMy WebLinkAbout2017-7-15r 'f APPROVED MINUTES AFFORDABLE HOUSING TRUST FUND Tuesday, July 18, 2017 11:00AM 2 Fairgrounds Road Conference Room www.nantucket-ma.gov (AGENDA SUBJECT TO CHANGE) Board Members Present: Isaiah Stover (Chairman), Linda Williams (Vice -Chairman), Brian Sullivan, Reema Sherry, John Trudel, 111, Brooke S. Mohr. Absent: Rita Higgins Others Present: Catherine Dotolo, Beth Ann Meehan and Tucker Holland I. Call meeting to order: The Chairman called the meeting to order at 11:06 AM II. Approval of Agenda: Approval of the agenda was discussed with a question asked about the election of officers. It was determined that the item was not on the agenda and it was decided to add it to the agenda of the August meeting. There was a motion from Ms. Williams to approve the agenda, seconded by Mr. Trudel. The motion carried unanimously. III. Presenter — Catherine (Catie) Dotolo of Gosnold Nantuckey to discuss sober living collaboration. Presenter — Catherine (Catie) Dotolo of Gosnold Nantucket: made a presentation of a proposal from Gosnold regarding a sober living housing collaboration with the AHTF. Ms. Dotolo provided information about projects that Gosnold has in Falmouth and Orleans. Various options were discussed with one option to establish a minimum of 25% of the beds restricted to 80% AMI, so the beds could be added to the SHI list. Typically, a building is owned and managed by the housing trusts in other communities, while Gosnold runs the clinical programs. Ms. Williams suggested that consideration be given to having a private company develop and maintain the buildings, perhaps utilizing one of the town -owned lots off Ticcoma Way. Additional issues raised were local preference and the possibility of having multiple buildings to offer step-down opportunities to facilitate individuals' transition toward independent life in the community. 1 Attordable Housing Trust Fund Approved Minutes 071817 The possibility of seeking funding for the project through CPC and/or the Cottage Hospital CHP program was discussed. Beth Ann Meehan and Tucker Holland offered information on the CHP program and a discussion took place about how best to apply to CHP for funding, given their application deadline of 8/18/17. Ms. Williams explained the advantages of a public-private partnership for such a project. Mr. Sullivan made a motion to apply to CHP for funding for the development of sober living housing in partnership with Gosnold. The motion was seconded by Mr. Trudel and was approved unanimously. Ms. Williams made a motion to apply to the Board of Selectmen to designate one of the 7500 SF lots off Wait Drive for the project. The motion was seconded by Mr. Trudel and was approved unanimously. Follow -Up assignments are: 1) Ms. Williams will review the provisions of the Affordable Housing Trust to confirm that this project is within the guidelines 2) Ms. Williams will open a dialog with HallKeen Management to determine if they have an interest in this project. HallKeen has been selected to develop the project at 6 Fairgrounds Road adjacent to the property on Wait Drive. 3) Ms. Williams will meet with Ray Tamasi, Director of Innovation and Research at Gosnold to discuss details of the collaboration and learn more about other trust funds doing the same thing. 4) Ms. Williams will also approach the Richmond Group to see if they have an interest as well. 5) Ms. Sherry will assist in writing the CHP application. III. Discussion of potential participation in 6 Fairgrounds development: 64 units to be developed by HallKeen. At least 25% will be at 80% AML HallKeen has extensive experience obtaining various development subsidies, so the % of restricted units mai- increase as the details of the project are finalized. The Board of Selectmen has been clear that they do not want to contribute additional town funds beyond the value of the land. Mr. Sullivan suggested that no offer of AHTF funds be made to HallKeen until they have exhausted all other possible sources of subsidies. IV. Update on State House testimony: Ms. Meehan and Mr. Holland reported that the testimony on H.2794 (home rule petition for .5% real estate transfer fee to fund affordable housing) at the Joint Committee on Revenue went well. Indications are that the bill will be recommended favorably out of that committee and will move on to Ways and Means in September with strong support from Senator Julian Cyr and Representative Dylan Fernandez. There was a discussion of how to help shepherd the bill through the legislature with a possible plan to apply to Cottage Hospital CHP program to finance advocacy work, perhaps utilizing the contacts and skills of the person who currently does advocacy work for Housing Assistance Corporation. V. Discussion of Covenant Buy Down: Anne Kuzpa presented her draft proposal to use AHTF funds up to $250,000 per project to allow covenant program qualified buyers to purchase existing market -rate homes. The homes would become subject to the covenant program deed restrictions, thus increasing the stock of covenant homes. There are currently 65 qualified purchasers and only one covenant home on the open market. There was a lengthy discussion of how this program might be utilized to subdivide qualified properties so that 2 covenant properties might be gained with one subsidized purchase. The complexities of this type of transaction are many and it was suggested to Ms. Kuszpa that she develop the proposal for the September meeting to initially include properties that are not eligible for PA Affordable Housing Trust Fund Approved Minutes 071817 subdivision, while further researching possible application of the buy -down program for subdividable properties and 80% AMI condominium units. Also discussed was the possibility of seeking private financing of the subsidy from employers with substantial resources who would like to see key employees be able to buy into the covenant program. Any program will require input from Town Counsel prior to any sign off by the AHTF. IX. Budget: Mr. Sullivan requested this item be discussed out of order. He requested that a report be created that includes additional tracking of items approved for funding that have not yet been expended. The torn budget report does not include these items. Tucker Holland agreed to prepare that report for the next meeting. Separate tracking of available and allocated CPC funds will also to be included in that report. Mr. Trudel asked if funds not needed in the short term could be held in higher -return accounts. The town retains full control of all funds. VIII. Revisit 31 Fairgrounds Road: 'I'he property has returned to the market. Ms. Williams will approach the owner again to inquire about the possibility of a purchase for affordable housing. VIII. AHTF staff position update: Tucker Holland was congratulated on his new position. He explained that Mr. Vorce and Ms. Gibson would determine the priorities of the position. The position is not an AHTF staff role though he will be available to assist the Trust with tasks. Ms. Mohr has agreed to take minutes. Mr. Holland will work with Catherine Ancero in the transition. VI. Expansion of closing cost program: Ms. Williams reported that there was a need to expand the program beyond the 80% AMI current cap. There was a discussion of expanding the closing cost assistance program to buyers above 80% AMI — perhaps up to 100% or 120% of AMI — based on a request from Ms. Meehan who had already left the meeting. It was decided to table the discussion until the next meeting. Mr. Holland will prepare more detailed information about how such an expansion might affect the budget and about how many buyers might benefit from an expanded program. VII. Adjourn: Ms. Williams moved to adjourn at 1:05 PM. The motion was seconded by T%r. Trudel and was approved unanimously. Next Meeting: Tuesday, August 15, 2017 at 11:00 AM at 2 Fairgrounds Road Conference Room Respectfully Submitted By: Brooke Mohr