HomeMy WebLinkAbout1990-01-18 Housing Partnership MinutesREADING HOUSING PARTNERSHIP
January 18, 1990
The January 18th meeting was held in the Arnold Berger Room at the
Town Hall Annex. Those present were Paul Kelley, Richard Dempster,
Jonathan Edwards, Mollie Ziegler, Wiiliam Goodrich, William Denhard,
and Adrienne McMahon.
A general discussion about tha role of the Reading Housing
Parnership's role in the Bear Hill Housing Development ensued.
General points were made such as the amount of time the lower priced
units would remain at that market level. Any housing under the
authority of the Reading Housing Authority would remain at approximately
68% of market value in perpetuity. The moderate priced housing
would be restricted to that market value for 40 years; renewable by
the seller or Board of Selectmen.
After the general discussion there were motions made concerning
the minutes of the previous meetings.
A MOTION WAS MADE BY BILL DENHARD, SECONDED BY ADRIENNE MCMAHON TO
APPROVE THE MINUTES OF THE MEETING OF SEPTEMBER 25.
The motion was carried by a 7 - 0 vote.
A MOTION WAS MADE BY PAUL KELLEY TO APPROVE THE MINUTES OF THE
MEETING OF OCTOBER 30, SECONDED BY BYLL DENHARD.
The motion carried by a 7 - 0 vote.
Discussion then turned to the Partnership's next step. It was
concluded by all present that we need to develop a draft action plan.
' This plan would include thequalificatonsfor a lottery, steps to
secure low rate mortgages, and low closing costs. It was suggested
that we use the guidelines presented in the "Homeownership Opportunity
Program: Marketing and Buyer Selection Guidebook" (Town of Amherst
Planning Dept.)
Dick Dempster volunteered to investigate the Mass. Banker's Pool
which helps banks dealing with low interest mortgages. He will also
ask Peg Plansky to make available to us the Housing Authority's
outreach and marketing plan for applicants.
Jonathan Edwards will look into programs offered by the Mass.
Housing Finance Agency and its guidelines,
We will also look into indentifying local attorneys who deal with
real estate who might act on the behalf of the buyer.
We concluded that we need to speak with various experts and
decided to invite Mr. McBride of Bear Hill Realty to be our first
guest. His company has built and run moderate income developments
before. Some questions we might ask would be;
1. How to qualify for MHFA financing
2. How to obtain low closing costs
3. The legal and good practice aspects for qualification procedures
of the lottery
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All members are asked to come to the next meeting, February 8, 1990
with ideas for an action plan.