HomeMy WebLinkAboutAHTMeetingMinutes_08.11.15 •
North Andover
Affordable Housing Trust
Meeting Minutes
Tuesday August 11,2015
Town Hall,1St Floor Conference Room
Present: George Koehler, Laurie Burzlaff,Steve Bernard, Roger Lawson,Tracy Watson,Joan Fitzgibbons
Staff: Kristine Cheetham, Bonnie Wolstromer
Guest: Yesenia A. Gil, Bread & Roses Housing
The AHT meeting was called to order at 4:00 p.m.
MOTION on Approval of Minutes from the July 11, 2015 Meeting: L. Burzlaff motioned to accept the AHT minutes for
the July 14, 2015 meeting. G. Koehler seconded the motion. The vote was 6-0, unanimous in favor.
Discussion:The Board briefly revisited the Herrick Road property noting the offer of$250K was refused by the bank who
wanted$325K. Yesenia Gil presented the Bread & Roses Housing proposal for 64&66 May Street.The duplex unit has
two available dwellings. One is a 3 bedroom/two bath unit and the other is a two bedroom/one bath unit. (2,758
approximate living area and 5,227 sq.ft. lot) BRH will rehab and sell each unit to an income qualified household for
$175,000. They are requesting$400,000 in funding from the North Andover Affordable Housing Trust to be used for
acquisition. The owner has accepted their offer to purchase for$392,050. The Board discussed the need to appear
before the Board of Selectman and CPC for approval. The schedule of the upcoming renovation and construction
process for the May St. property—potential lead remediation, construction, community outreach, bank closing,
payment to Bread & Roses Housing, property sale, etc. is anticipated for Sept.-Oct. of 2015. The goal would be to
finalize selected families and notify them prior to the 2015 holidays.The Board reviewed and discussed:
• Project Summary
• Contract to Purchase
• Development Proforma
• Neighborhood Outreach Plan
• Homeownership Model
The benefit to the community was discussed. The location is desirable for affordable housing and a duplex with a three
bedroom is very important to the goals of the Trust. The project will meet area demands for two families vs. one, and
the return of a portion of the investment is also a beneficial piece of the project. The Trust has a unique role to leverage
the purchase with cash and to have a return on investment after the sale of the units. G. Koehler to review procedural
requirements with L. Burzlaff to ensure the process of the May Street purchase flows accordingly.The Board is willing to
help with any administrative paperwork as needed.
MOTION: L. Burzlaff motioned to approve funding in the amount of$400,000 for the purchase of a duplex style,two-
family property at #64-66 May Street with at least$128K being returned to the AHT upon sale of units.Any decreases in
cost shall be credited to the AHT. T.Watson seconded the motion.The vote was 6-0 unanimous in favor.
Further Discussion:S. Bernard would like to review the AHT's down payment procedure and have a system in place for
future home buyers, noting the$5,250 may be difficult for some families to initially produce. New properties for
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potential projects were briefly discussed. L. Burzlaff to contact Mass.Ave. property owner to schedule a potential
September inspection for future purchase. K. Cheetham to provide J. Fitzgibbons with an updated, current 40B listing
and CHAPA contacts. K. Cheetham to review and update the organization of the AHT website with B. Curran.
Meeting adiourned at 4:45 p.m. (L. Burzlaff motioned to adjourn. S. Bernard seconded the motion.
(The vote was 6-0, unanimous in favor.)
NEXT MEETING:September 15, 2015 @ 4 p.m. in Town Hall.
MEETING MATERIALS:August 11, 2015 Agenda; DRAFT Meeting minutes July 14, 2015, email from G. Koehler stating
BRH's accepted offer for 64-66 May Street, North Andover, MA, Preliminary pro forma, Estimate of rehab expenses
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