HomeMy Public PortalAboutAff Hsg Trust Fnd 2019-08-21 Affordable Housing Trust Fund Board August 21, 2019
ORLEANS AFFORDABLE HOUSING TRUST FUND BOARD
AUGUST 21, 2019 'lc, ;;Pp .I 10
Approved Sept. 4, tPis.
A joint meeting of the Affordable Housing Trust Fund Board and Affordable Housing
Committee was held on August 21, 2019 in the Nauset Meeting Room of the Orleans Town
Hall. Present were Trust Board Chairman Alan McClennen and members Duane Landreth,
Alexis Mathison, Henry Brehm, Ward Ghory, Greg DeLory, Matthew Cole, Mefford Runyon
and Katie Wibby, Affordable Housing Committee Chair. Also present were Committee
members Fran McClennen, Bill Stoeckert, Nancy Renn, Shelley Dawson and Richard
Kendall, and Community Development Director George Meservey.
Mr. McClennen called the meeting of the Affordable Housing Trust Fund Board to order at
4:30 p.m.
Update on line of credit and vote (Trust Board only)
Mr. McClennen referred to the letter which the Board had reviewed at their August 7
meeting. The Board discussed the commitment fee of 25 basis points and subsequent
costs, the use of real property as collateral, and potential timing of loans with regard to
Town Meeting. Ms. Wibby reported comments on the terms in the letter from Committee
member Tom Johnson, who was absent, including a concern about the credit line amount
of $2.5 million. The flexibility and funding alternatives granted by a line of credit were
further discussed.
On a motion by Mr. Cole seconded by Mr. Landreth, the Affordable Housing Trust Fund
Board voted to forward the proposed letter of credit, with a line of credit capped at one
million dollars for the first phase, to the Board of Selectmen for their discussion and.
action. The vote was unanimous.
Ms. Wibby called the meeting of the Affordable Housing Committee to order and
introduced new member Richard Kendall.
Cape Cod Five Operations Center, 10 Skaket Corners
• Plan concepts update— Brown, Lindquist, Fennucio and Raber
Architect Rick Fennucio reviewed a slide presentation prepared for the August 28
Selectmen's meeting. He noted that the option labeled C.2 had been determined to
be the preferred approach by the Trust Board and Committee members, as based on
the Town's housing study, and discussed Orleans parking requirements as outlined in
a document provided by Mr. Meservey.
Mr. Fennucio noted that the unit count had changed as a result of applying the state
DHCD Qualified Application Plan (QAP) subsidy requirements to the project. The
revised plan, referred to as C.3, increases the number of two-bedroom units and
decreases the number of one-bedroom units, resulting in a decrease in the number of
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Affordable Housing Trust Fund Board
August 21, 2019
total units. He reiterated the criteria and methodology by which the study was
conducted, and noted that they had provided Mass. Housing Partnership with a
;preliminary cost estimate from which to develop the financial statement. Mr. Runyon
emphasized the importance of having the Select Board understand that they would
not be approving a plan.
• Financial Pro Forma — Laura Shufelt, Mass. Housing Partnership
Ms. Shufelt introduced herself and described her role at the Mass. Housing
Partnership. She noted that towns should avoid plans which indicate municipal control
of projects to avoid public construction laws. Mr. Meservey suggested that the Cape
Cod Five handle the procurement, using Town work and funding. The Board and
Committee members discussed the Request for Proposals (RFP) process.
Ms. Shufelt outlined funding available through Federal Low Income Housing Tax
Credits (LIHTC) and stated that projects had to be fully permitted prior to applying to
the program. She also advised that the DHCD had additional funding available which
could add one to two million dollars for a project of this size, as well as voucher
programs to offset the cost of very low-income rental units. She described the tax
credit program, as outlined on the slides. Board and Committee members discussed
the revised project in the context of the Town's overall housing goals, as well as various
funding sources including developer investment and possible CPA grants.
Prepare for August 28 Board of Selectmen presentation
Board and Committee members discussed additional information which could be added
to the current presentation, and Mr. McClennen requested the construction cost
estimates for the meeting.
• Public Comment
There was no public comment.
The next meeting of the Trust Fund Board is planned for Sept. 4.
Adjourn
On a motion by Ms. Dawson seconded by Ms. Renn, the Affordable Housing Committee
voted to adjourn at 6:00 p.m. The vote was 6-0-0.
On a motion by Ms. Landreth seconded by Ms. Mathison, the Affordable Housing Trust
Fund Board voted to adjourn at 6:00 p.m. The vote was 9-0-0.
Respectfully submitted,
Myra Suchenicz
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