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2016-04-21 Metro North Regional Housing Advisory Committee Minutes
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2016-04-21 Metro North Regional Housing Advisory Committee Minutes
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HOME FUNDS <br />HOME funds help with building, buying, or rehabbing affordable units; down payments for the first-time <br />homeowner; and tenant based rental assistance for very low-income households. Both Wilmington and <br />North Reading participate in the North Shore HOME Consortium. Reading and Saugus do not. When the <br />funds are used for building, buying or rehabbing affordable units, depending on how much money is <br />used, HOME restricts the affordability to 5 or 10 years. HOME will extend the affordable restriction on <br />the Deed Rider past 10 years if a Town acts as the monitoring agent. Towns need the restriction to be <br />for a minimum of 15 years, in order for the unit to be counted on the SHI. Liz suggested that a Town <br />could apply for a DHCD/ LIP deed restriction, which would be in perpetuity. HOME and DHCD have a <br />difference of philosophy. DHCD wants to preserve affordability, and prefers perpetuity, while HOME <br />wants the owner to build equity, so limits the affordability restriction. <br />We reviewed the resale price multiplier, used in the deed riders. <br />Liz demonstrated the RHSO website, and how the original RHSO towns can access a members' only <br />section that includes information from the spreadsheets and makes it easier to keep track of updates. <br />She will give us an in-depth demonstration at the next meeting. <br />Next meeting: June 23, 2016 at 10 AM in the Berger Room at Town Hall. <br />Page 1 2 <br />
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