HomeMy WebLinkAbout2017-9-26N N T L1 ,
MINUTES
2017 GCT 24 ?�! 2: 16
AFFORDABLE HOUSING TRUST FUND
Tuesday, September 26, 2017
2 Fairgrounds Road Conference Room
Board Members Present: Linda Williams (Vice -Chairman), Rita Higgins, Brooke S. Mohr,
Reema Sherry, Isaiah Stover, John Trudel, III
Board Members Not Present: Brian Sullivan (Chairman)
Others Present: Howard Dickler, community member
Affordable Housing Trust Fund Agenda for TUESDAY, SEPTEMBER 26, 2017
L Call Meeting to Order: ❑ Ms. Williams called the meeting to order at 12:04 PM
II. Approval of Agenda: ❑ Mr. Stover moved to approve the agenda. Mr. Trudel
seconded and the motion carried unanimously.
III. Review of applications for down payment assistance/closing costs:
In anticipation of the application review, Ms. Williams stated that the full amount of
the allocated funds will be transferred to escrow accounts at the applicants'
attorneys' offices to in order to ensure that the funds will be available at the time of
closing.
There was a discussion of the $100,000 allocation cap restriction on the Town of
Nantucket funds and clarification was offered that the cap applies to individual
allocations, no the total allocated for a particular program.
The issues was raised that if all applications at 150% AMI were to be approved, the
$99,000 approved at the last meeting for the expansion of the closing cost assistance
program toe 150% AMI households would not be enough.
Mr. Stover moved to increase the allocation to the expanded closing cost assistance
program to $150,000. Ms. Higgins seconded and the motion carried unanimously.
Further discussion of the budget was postponed to the next meeting.
• Jesse Rae Gauvin & Peter Devlin Ahern (17 Wappossett Circle)
Ms. Mohr moved and Ms. Sherry seconded to loan up to $15,000 of closing
cost assistance pending the final cost at closing. The motion carried
unanimously.
■ AdaRuth T. Waig (34 Arkansas Avenue)❑ Mr. Stover recused himself for this
applicant.
The issue of this home not having an affordable housing covenant was raised
and discussion was held until the other applications were reviewed.
• Tsvetenin H. Savov (10 Wappossett Circle) ❑
Ms. Sherry moved and Mr. Stover seconded to loan up to $15,000 of closing
cost assistance pending the final cost at closing. The motion carried
unanimously.
• Juan M. Acosta & Gabija Birzinyte (23 Wappossett Circle)❑
Ms. Higgins moved and Ms. Sherry seconded to loan up to 515,000 of
closing cost assistance pending the final cost at closing. The motion carried
unanimously.
• Anton T. & Polya B. Dimov (25 Wappossett Circle)'
Mr. Trudel moved and Mr. Stover seconded to loan up to $15,000 of closing
cost assistance pending the final cost at closing. The motion carried
unanimously.
• Sherzod Yuldashev & Dilrabo Hudayberdieva (13 Wappossett
Circle)❑ 100%AMI
Mr. Stover moved and Ms. Higgins seconded to loan up to 515,000 of
closing cost assistance pending the final cost at closing. The motion carried
unanimously.
• Sunny Daily (6 Nanina Drive)❑
Ms. Mohr moved and Mr. Stover seconded to loan up to $15,000 of closing
cost assistance pending the final cost at closing. The motion carried
unanimously.
■ Andrea Gayle (9 Nanina Drive) ***-Not anticipated by the chair within 48 hours.
Mr. Trudel moved and Mr. Stover seconded to loan up to $15,000 of closing
cost assistance pending the final cost at closing. The motion carried
unanimously.
A discussion of the Waig application was held. The applicant expressed concerns
that a covenant would result in future buyers having to make a 10% down payment,
thus making the home unaffordable. Mr. Andrew Vorce joined the meeting to offer
clarification regarding the covenant requirements. The option of a placing a
permanent covenant on the property was discussed with the applicants who decided
to review their options and return to the next meeting. Mr. Trudel moved to
postpone review of this application to the next meeting. Ms. Higgins seconded and
the motion carried unanimously.
❑
IV. Draft report to the BOS: ❑ Mr. Trudel moved to authorize Ms. Williams to give the
report to the BOS. Ms. Sherry seconded and the motion carried unanimously.
V. Next Meeting date vote to change from Tuesday, October 17th to Wednesday,
October 18th: Mr Trudel made the motion which was seconded by Mr. Stover. The
motion carried unanimously.
VI. Public Comment: ❑ Mr. Howard Dickler discussed his proposal for a tax override.
He was invited to make a presentation at the next meeting.
VII. Other Business: ❑
VIII. Adjourn: ❑ Ms. Williams moved to adjourn the meeting at 1:10 PM