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Mass Housing Partnership has the toughest standard for local preference,then MassHousing,and DHCD <br /> standards are the easiest. <br /> Gazebo Circle Continuation of Affordability—Ms. Rust will look through the documents and see if the <br /> Town has a case to get a new Regulatory Agreement and keep them on the SHI. <br /> Wilmington: <br /> HOME Funds-Wilmington is exploring ways to use their HOME funds.The Town could also have access <br /> to more money through the competitive pool,which allows towns to use the unused funds from other <br /> towns. There is a competitive grant process. <br /> 203 Cardinal Court-2 bedroom house for sale for$223,040.The price is high because the original sale <br /> price was high for some reason.It may be hard to find.an eligible buyer within the 90 day period. If the <br /> unit is then sold at market rate, Ms.Gingrich was informed It will still be counted on the SHI. Ms. Rust <br /> mentioned that the Town will get the difference if it is sold at market rate,but the Town will need to <br /> establish a separate fund for the money if they do not already have one. Ms. Rust will provide more <br /> information on this to Ms.Gingrich. <br /> 2802 Pouliot Place has passed the 90 day period,and no papers have passed.The monitoring agent has <br /> indicated that there is a buyer,just a hold-up in passing papers. <br /> Monitoring Letters <br /> The monitoring letters are going out at the end of September. Ms.Gingrich drafted a cover letterto <br /> Introduce Ms.Stanton to Wilmington residents,which will hopefully help increase the response rate <br /> from affordable homeowners. Wilmington had a 47%return rate last year,as did Saugus. Ms. McKnight <br /> expressed interest in providing a similar cover letter for North Reading residents. <br /> Workforce Housine Program Guidelines <br /> The recent Municipal Modernization Act has a workforce housing component that will be MHFA funded. <br /> The guidelines are a good start, but the SHI and other funding programs are not tied into R yet.The <br /> program is only for rentals,with 0%loans to the developer. The program targets households earning <br /> between 61-120%of the AMI.It is unclear whether an ownership provision,if established,would be for <br /> starter homes,to allow an owner to build equity,or be deed restricted. <br /> Nuts and Bolts of Refinancing <br /> The Resale Price Calculation has three parts(thresholds):the original asking price,the resale price <br /> multiplier(RPM(,and the affordability threshold. A unit cannot be sold for less than the original asking <br /> price. If DHCD determines that a re-fi number is too high,they can lower it to meet the thresholds.They <br /> also have to account for the condo fees,utilities,etc.Always refer to the deed rider for the <br /> requirements of the re-fi or re-sale.Older unit re-N/re-sales are often based on market value with a <br /> deduction.The newer units have an RPM. <br /> Other <br /> • The SHI requires 15 years minimum restriction for rehab units,and 30 years for new units. <br /> • HOR units are no longer eligible for the SHI. If HOR units have gotten a Town over 10%,the <br /> Town will be at risk of a challenge from a developer.Wilmington is at risk. <br /> • CDBG—Reading, North Reading and Wilmington do not qualify.Wilmington used to qualify. <br /> Next Meeting:October 27,2016 at 10 AM in the Berger Room at Town Hall. <br /> Page 1 2 <br />