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Affordable Housing Trust
Meeting Minutes
Tuesday February 2,2016
1600 Osgood Street,Community Development Conference Room
Present: G. Koehler, R. Rernard'in,T.Watson,J. Fitzgibbons, R. Lawson, L. Rurzlaff,S. Bernard
Staff: R. Wolstromer,J. Enright
Guest:Yesenia Gail, Executive Director of Bread&Roses Housing
The AHT meeting on, February 2, 2015 was called to order at 4:00 p.m.
MOTION on Approval of the DRAFT Minutes from,October 27 2015 meeting: L. I urzlaff made a motion to accept.the AHT minutes
for the October 2,7, 2015 meeting.J. Fitzgibbons seconded the motion. The vote was unanimouis in favor.
Discussion:
5 May Street.Y. Gil presented a construction update for#64-66 May Street. The total development costs per unit increased to
$311,038, making the total development cost for both units, $522,077.The AHT investment per unit was$136,038., Gil explained
how the units were marketed and publicized. They have found a qualifier for the 55 May St. Unit;a single mother of four children.
The closing for#66 May 5t. will be completed February 29t,. Committee,agreed to meet on site with coffee and donuts on
2/27/2016 @ 11 a.m.for a ribbon cutting ceremony on the property. Local officials will be present.
4 May Street.A potential tenant for#64 I'"way 5t. has fallen through.Y.Gil proposed in addition to standard marketing, a departure
from the RRH model;a "rent to own"scenario to the AHT whereby there will be a 6 mo. lease agreement with the ability to
purchase in 6 months providing credit improves. It will require$5,250 to be held in escrow by the bank which would carry a small
line of credit.The Trust will not receive funds until the unit is considered sold. Y. Gil confirmed the rent would be the same amount
that the mortgage amount would have been. She also mentioned Section 2 scenarios be considered.T.Watson noted the Self
Sufficiency Program could be a resource and for Y. Gil to contact Cathy Hoag, NA Housing Director.Y. Gil suggested 3open houses be
held for unit#54 in late April &early May with the goal of a potential May closing.The gourd felt strongly that they were not in a
position to rent or potentially evict a tenant..
MOTION: L. Rurzlaff made a motion to remarket Unit 64 i.e.seely additional potential buyers,vet applicants and select one).T.
Watson seconded the motion.The vote was unanimous in favor. Y. Gil left meeting)
i
I�raposal to CPC:
MOTION:L. Rurzlaff agreed to develop and submit the request on behalf of the AHT.T.Watson motioned for the AHT to prepare a
proposal to the Community Preservation Committee. R. Lawson seconded the motion. The vote was unanimous in favor.
Treasurer Update: R. Rernardin noted the end of year reconciliation for the AHT budget is successfully underway.
Meeting adjourned at 5:00 p.m. L. Burzlaff motioned to adjourn and J. Fitzgibbons seconded the motion.The vote was unanimous in
favor.
MEETING MATERIALS: 2-2-16 Agenda; DRAFT October 27, 2015 Minutes,54_+55 May Street Project Construction Update-Bread
Roses Housing.
NEXT MEETING: March 22, 2016 @ 4 p.m, 1600 Osgood Street-Community&Economic Development Office.