Provincetown Community Housing Council

Judge Welsh Hearing Room

March 17, 2008

4:00 p.m.

 

 

Members Present:                A.J. Alon, Elaine Anderson, Molly Perdue, and Bill Dougal.

           

Members absent:                  Cathy Reno, Joe Carleo (excused)

 

Staff:                                       David Gardner

 

The meeting was called to order at 4:00 p.m. with a quorum.

 

Meeting Agenda

 

Review and approval of Minutes

Approval of the February 11th and February 25th minutes has been postponed until the meeting on March 31st.

 

Housing Specialist’s update on recent activities

Amy Lawson was absent from the meeting, but submitted the following email, which was read onto the record by Elaine Anderson:

 

Hi Everyone....

 

Just a few prep items for Monday's meeting:

 

I'll be out of the office on Monday and Tuesday, so I will not be able to attend. Please print this email and bring it to the meeting.

 

I've received an invoice from Polly Hemstock (attached to this email), and forwarded it to Paul R at the Cape Cod Commission. In order to get the TAP funds, we need to submit a finished copy of the brochure. I've attached the brochure to this email. Please discuss it one last time at Monday's meeting, decide if there needs to be any more revisions, and if not, we'll send it off.

 

I've talked to Paul about gap funding for the Sandy Hill Lane units. Here the recap of our conversation:

 

Hi Paul...
I have a question for you about possible gap funding.
We have a new development in Provincetown called Gull's Nest/Sandy Hill Lane. It's a 12-unit ownership complex. So far every unit that was priced at low and moderate rates have sold, but the 3 units that were priced at median rates have not moved.
The Community Housing Council feels that it's very important to sell these units quickly, and is wondering if there is any source of gap funding that we could secure to move the level of affordability down to moderate or low.
If not, we're wondering if we might be able to use Affordable Housing Trust Fund money for gap funding.
Thanks for any info you've got...
Amy

 

Hi Amy-
     I am familiar with this project and had a conversation with Ted about buydown possibilities on these units a few months ago (think owners decided to try listing properties with MLS to see if that worked). There is a possibility of HOME subsidies for a buydown, but the structure would have to be a bit complicated and also I am pretty sure our funding would not be enough to cover the gap. In any case, here is how it could work with us. I could not provide any funding to the current owners as the project is built, and I would be violating any number of federal regulations about environmental and other project reviews. However, if a 3rd party (the CDC?) were to propose to purchase the units as part of a buydown program and requested our funding to make the units affordable to those at 80% or below, then that scenario could work (in fact, we have committed funding to HAC to implement a buydown program on scattered site units in Yarmouth). If it were the CDC, they would be eligible to ask for 30K/unit. They would have to do a lottery, etc. and might have some holding costs, but we could provide HOME funding to the project in that way.
    On the state’s Trust Fund, I think it would be a long shot given the small # of units and the fact that they are priced reasonably well already. In addition, I was on a conference call this morning about a HAC project that we are funding that also has a Trust Fund commitment, and the Trust Fund $ will not be available to the project until October at the earliest; therefore, this would not meet your goal of quick sales.
    From my experience with HAC’s Yarmouth project, DHCD has not warmed to buydown programs (except to save existing affordable units) as HAC asked for 100K/unit, was turned down, and after we met with DHCD, it looks as if the state is willing to put up 20K/unit. How much do you estimate you need to write down the units? Is more CPA an option? Wish I had more encouraging news, but happy to discuss options further with you or to answer any questions about the above. Tx.
Paul

What about local affordable housing trust fund money? Could we use that for gap funding?
Thanks for all of the info...
Amy

If you have it, you certainly could use that.

Paul

 

There should be some discussion surrounding this topic at the meeting.

 

And finally, I've attached a few sets of minutes that need to be reviewed. Please bring them with you to the meeting.

 

Thanks,

Amy

 

The following documents were attached to the email: the affordable housing brochure, minutes from the 2/11/08 and 2/25/08 meetings, and Polly Hemstock’s invoice.

 

The Council reviewed the invoice from Polly Hemstock for the development of the affordable housing brochure. Amy will check with Sharon Lynn to determine if the Town had a contract with Polly to perform the work on the brochure, then Amy will pursue the appropriate course of action to receive reimbursement from the TAP grant.

 

AJ Alon recused himself due to the pending discussion on the Gull’s Nest Condominiums.

 

The council discussed the Gull’s Nest project and the possibility of obtaining gap funding for the three remaining units. Amy should continue to talk to Paul, MHCD, LCCDC to determine what gap funding programs exists and report back to the CHC.  The CHC should appoint 2 members to reach out to the developers of the Gull's Nest to inform them of the programs and encourage them to do whatever it takes to sell the remaining units. 

 

Motion:  Move to obtain a quote for the printing of the brochure for 3000, 4000, and 5000 copies, move forward with the potential mailing in the next tax bill, and have enough brochures left over for distribution at Town Meeting.

 

Motion:  Elaine Anderson       Seconded:  Molly Purdue       Vote:  4-0-0.

 

Other Business

The council will invite the authors of Town Meeting Warrant Articles 29, 30, and 33—Jack McMahon, Astrid Berg, and Marcene Marcoux—to the March 31st meeting to present their articles and answer questions from the CHC.

 

Amy Lawson will talk to Pru Sowers regarding the potential for a story on affordable housing successes prior to Town Meeting, which would include a break out of who has benefited from the new units in town.

 

Schedule Next Meeting

Next meeting will be March 31, 2008 at 4:00 pm.  The agenda will include a vote on Town Meeting Warrant Articles affecting affordable housing.

 

Motion:  Move to adjourn the meeting

 

Motion:  Elaine Anderson       Seconded:  Molly Purdue       Vote:  4-0-0.

 

 

 

Respectfully submitted,

David Gardner

David Gardner

 

 

Approved by _____________________________ on ____________, 2008.

                   Joe Carleo,  Chair