Work Group Meetings #1d
Thurs. September
28th 10:30 a.m. – noon
Town Hall Meeting Room A
Financing Actions
Present: Jerry Ananthan, J.D. Bower,
Jim McCollum, Mike Peregon, Jim Turner, Steve Tait, Bob O’Malley
Next Meeting
Thurs. October 19th
10:30 a.m. – noon Town Hall Meeting Room A
Priorities
v
Discussed
need to market more effectively the nature of the housing crisis and the
incentives already available to existing weekly renters. Get message out to
seasonal renters in soft market.
v
Discussed
need to provide some additional financial incentives to landlords to encourage
the shift from weekly or seasonal to year-round rents (see attached program
description from Martha’s Vineyard)
2. Explore a transfer tax
v
Discussed
how to get RE community support for this concept. Ideas include: 1) an
exemption for primary residents on the first roughly $350,000 based on a sum
equal to median sale price for Barnstable County; 2) an exemption for elderly;
3) an exemption for anyone selling property for less than it cost; and 4) a
five to ten year sunset provision based on the timeframe for meeting the goals
of the Action Plan
v
Suggested
definition of Primary resident determined by representation to IRS at closing.
v
See
attached language of transfer tax petition for Martha’s Vineyard and Nantucket.
v
The
key is what it will take to get a majority of the Town’s MAR member realtors to
support the measure.
3. Identify and pursue all existing state,
federal and private funding sources including a specific request for earmarked
funding from DHCD and MHP
v
Consultant
will provide more detailed initiative by November meeting
Other Actions Discussed
4. Re-submit a Home Rule petition to expand Land
Bank share for housing from 10 percent to 35 percent
v
According
to the Town Manager, the open space share of Land Bank funds are pretty
substantially tapped right now and would provide relatively little revenue. He
considers this a very tough sell at this point.
v
It
seemed that the work group’s general view it that a measure to transfer the tax
burden of community housing on to the seasonal owner will be hard to justify on
a fairness basis. The Town Assessor said it would be virtually impossible to
manipulate the property tax system so that only one class (in this case
seasonal residents) would be carrying the load.
v
This
will require a home rule petition (see attached language of Room Tax Home Rule
Petition template prepared by Senator O’Leary’s office). General sense that
pursuing this plays well a fairness issue. It is not going to deliver that much
money, however. The consultant estimates between $100,000 - $165,000/ year (see
attached Revenue Matrix).
v
Tough
sell. Not that much there. Donor fatigue. Where is their self-interest.
v
Jerry
Ananthan suggests a fund raising message based on “Be a HERO”. Help Existing Residential Occupancy. The consultant wonders
whether a campaign aimed at owners who rent by the week could be successful
with a “Donate One Week” to the community housing effort [accompanied by a
major education campaign of course].
Suggestions for Next Meeting