Loading...
HomeMy WebLinkAbout2015-10-19MINUTES Nantucket Land Bank Commission and Affordable Housing Trust Fund Special Meeting of October 19, 2015 Conference Room, 2 Fairgrounds d'''' ` u C 3 Nantucket, Massachusetts , �t Lt CALL TO ORDER: 3:07 p.m. NANTUCKET LAND BANK COMMISSIONERS PRESENT: Robert Gardner, Richard Glidden, Allen Reinhard. ABSENT: Neil Paterson, John Stackpole. NANTUCKET LAND BANK STAFF PRESENT: Eric Savetsky, Executive Director; Susan Campese, Administrator/Finance Manager. AFFORDABLE HOUSING TRUST FUND (AHTF) MEMBERS PRESENT: Tobias Glidden, Tucker Holland, Reema Sherry, Brian Sullivan, Linda Williams. ABSENT: Kara Buzanoski, Isaiah Stover Town of Nantucket Planning Department Administrative Specialist, Catherine Ancero and Housing Nantucket Executive Director, Anne Kuszpa were also present at call to order. CONVENE IN OPEN SESSION I. Approval of the agenda: II. Discussions: 1. Joint meeting with Land Bank Commissioners — Affordable Housing Discussion: Mr. Glidden welcomed members of the Land Bank Commission and thanked them for coming. He and Ms. Williams briefly described some of the past, current and future projects the AHTF were involved in. In addition they gave an overview of the 40B threat that the Town was up against due to the lack of "affordable" housing stock. Ms. Williams said the AHTF was looking for revenue by asking the town to designate funds in the budget for staff, applying for CPC funds, negotiating land deals with private individuals and were also exploring the possibility of asking for a portion of the Land Bank transfer fee at Annual Town Meeting. Chairman Reinhard explained that the Land Bank's mission was not complete and he would not be in favor of changing the act and diverting funds from that mission. Commissioner Gardner said that ultimately that was up to the voters. Commissioner Glidden said he would not expect the legislature to approve such a drastic change in missions. Mr. Savetsky pointed out that the Land Bank Commissioners could not support a town meeting article that adversely impacted the Land Bank. He also explained Land Bank debt service and operating budget planning were predicated on fiscally conservative revenue projections based on the 2% revenue stream, and that a downturn in revenue could bring the Land Bank close to not being able to meet its financial obligations. Land Bank Commission and Affordable Housing Trust Fund October 19, 2015 Page 2 If, the Land Bank was unable to meet its financial obligations the Town of Nantucket was required to take on the Land Bank's debt. Further, Mr. Savetsky explained four new initiatives the Land Bank was undertaking to help mitigate the housing crisis: Adoption of an Affordable Housing Policy: Mr. Savetsky said the Commission was in the process of adopting an affordable housing policy similar to the one created by the Martha's Vineyard Land Bank, where each property prior to purchased would be looked at closely to ensure that it was not more appropriate for affordable housing and to see if there was a portion of the property that was suitable for affordable housing and if so, that portion could be subdivided prior to Land Bank acquisition and spun off to a housing organization. Mr. Savetsky expected the policy to be adopted at the October 27"' meeting. b. Surplus Building Recycling Program: Mr. Savetsky explained the Land Bank was looking into the legalities of offering incentive funds to help individuals move surplus Land Bank houses to other properties. That way the Land Bank would be paying money that would have been paid to demolish the house and someone that might not have enough funds for the move could recycle the house onto their properties. c. New "O" Exemption: Mr. Savetsky reported that counsel was working on a warrant article to add to the Land Bank act a new exemption that would make sales of permanently restricted affordable properties exempt from the Land Bank fee. d. First -time Homeowners "M" Exemption: Mr. Savetsky said that staff was recommended raising the first time homeowner exemption from $400,000 to $500,000 effective January 1, 2016. Chairman Reinhard thanked the AHTF for inviting the Land Bank Commission to the informative meeting. LAND BANK COMMISSION MEETING ADJOURNMENT: Upon a motion made and duly seconded, it was VOTED to adjourn at 3:48 p.m. Attested to o Robert L. Gardner, Vice Secretary/ Vice Treasurer Approved, and Released by the VOTE nnission is 0th d of October, 2015. 1 AV Chairman