The URL can be used to link to this page

Home My WebLink About2018-12-04 Affordable Housing Trust Minutes North Andover Affordable Housing Trust Meeting Minutes December 4,2018 Town Hall Conference Room 2 Present: Laurie Burzlaff,George Koehler, Robert Bernardin,Christopher Jee, Richard Vaillancourt and Roger Lawson Absent: Joan Fitzgibbons Meeting was called to order at 6:05 p.m. Approval of Minutes from October 16,2018 Motion made by Richard Vaillancourt,seconded by George Koehler,to approve the meeting minutes of October 16,2018. Motion approved 6-0. Treasurer's Report The balance in the trust account is$652,439. 505 Sutton Street Proposal The developer wants to add 24 more units to the development at 505 Sutton Street and the Town is looking for those to be affordable. Laurie Burzlaff provided the Trustees with a spreadsheet which was used to calculate the amount of money per unit the developer would be asking to receive from the trust to make some of the units affordable.The Trustees discussed requiring the affordability restriction to be a least 30 years. For 24 units,the subsidy would be anywhere from 6-8 million dollars,depending on the unit configuration (studio,one bedroom,two bedroom). The trustees discussed 10 units at a cost of$1.8 million and would like to discuss with the Community Preservation Committee. Ms. Burzlaff will discuss with the Chairman of the CPC and report back to the trustees at the next meeting. CHAPA request-brokers fee Ms. Burzlaff provided copies of the original program offered by the Town for payment of the broker's fee for affordable unit resales. CHAPA is asking if the Trust will continue the program. The fee is 1.5%that the trust would pay in return for an affordable restriction that would survive foreclosure. Richard Vaillancourt made a motion,seconded by Robert Bernardin,that the Affordable Housing Trust continue, until December 1, 2020,the program to fund 1.5%of the real estate broker fee in exchange for a universal deed rider at a maximum of$4,000 per transaction. Motion approved 6-0. ADJOURNMENT: Robert Bernardin made a motion,seconded by Roger Lawson to adjourn the meeting at 7:15 p.m. Motion approved 6-0. MEETING MATERIALS:Agenda; DRAFT Meeting minutes;treasurer's report; spreadsheet;email from CHAPA �mirk ti P MEETING NOTICE TOWN OF NORTH ANDOVER Town Clerk Date Stamp Board/Committee Name: Affordable Housing Trust Date: December 4, 2018 Time of Meeting: 6:00 pm Location: Town Hall-1st Floor Conference Room Signature Laurie Burz[a ff AGENDA 1. Call to Order 2. Approval of Minutes from October 16, 2018 3. Treasurer report 4. 505 Sutton Street proposal 5. CHAPA request-brokers fee Note-Per changes to the Open Meeting Law effective 7/1/10:Notices and agendas are to be posted 48 hours in advance of the meeting excludine Saturdays,Sundays and legal holidays. Please keep in mind the Town Clerk's hours of operation and make necessary arrangements to be sure your posting is made in an adequate amount of time.*A listing of topics the chair reasonably anticipates will be discussed at the meeting is to be listed on the agenda. Amend as necessary,not to exceed one page. North Andover Affordable Housing Trust Meeting Minutes October 16,2018 Town Hall Conference Room 2 Present: Laurie Burzlaff, George Koehler, Robert Bernardin,Joan Fitzgibbons,Christopher Jee, Richard Vaillancourt and Jean Enright Absent: Roger Lawson Meeting was called to order at 6:03 p.m. Approval of Minutes from September 18,2018 Motion made by George Koehler,seconded by Robert Bernardin,to approve the meeting minutes of September 18, 2018. Motion approved 5-0-1. Mr.Vaillancourt abstained. Treasurer's Report The numbers have not changed since the last meeting.The balance in the trust account is$453,818.80. Discussion regarding Action Plan Joan Fitzgibbons made a motion to allocate$40,000 for the MassSaves for Seniors program,seconded by George Koehler; motion approved 6-0. Laurie Burzlaff provided copies of guidelines that were adopted in Eastham.George Koehler agreed to review the guidelines and tailor them to North Andover.The Trustees discussed the action items in the Housing Production Plan and decided which ones the AHT should address. Ms. Burzlaff will create a list of those items for the next meeting. 505 Sutton Street Proposal Planning Director,Jean Enright explained the proposal for the property located at 505 Sutton Street.The developer has purchased an additional lot next to the site and is proposing using that for the parking lot for the new Senior Center.The developer wants to add 24 more units to the development and the Town is trying to work out a deal where those lots would be affordable and targeted toward seniors(studios and one bedrooms).The Town would be looking for the AHT and CPC to provide funding to make this happen. CHAPA request-Oakridge Village Ms. Burzlaff provided copies of the email from CHAPA requesting the Trust's assistance with the special assessment.The assessment will double the condominium fees for the units and the affordable homeowners cannot afford the increase.The Trustees agreed not to take any action on the matter until we receive more information. Ms. Burzlaff will confirm if the Affordable Restriction on the units survives foreclosure. ADJOURNMENT:Joan Fitzgibbons made a motion,seconded by Robert Bernardin to adjourn the meeting at 7:37 p.m. Motion approved 6-0. MEETING MATERIALS:Agenda; DRAFT Meeting minutes; Housing Production Plan;email from CHAPA Tax title properties Jean Enright and Laurie Burzlaff are working on identifying properties in tax title that could be purchased by the Trust. However, since the gas incident,that will have to be placed on hold as both properties are in the impacted area and one did have a fire. ADJOURNMENT:Joan Fitzgibbons made a motion,seconded by George Koehler to adjourn the meeting at 7:30 p.m. Motion approved 6-0. MEETING MATERIALS:Agenda;DRAFT Meeting minutes;financials;Housing Production Plan p ,spry ��.�., fu.. Lowell Five-Affordable Housing Trust Acct#3101 Bank Statement 09/30/18 $ 642,055.61 Interest Income $ - Deposit Transfers $ 384.19 14 Compass Point $ 10,000.00 $ 10,384.19 Outstanding Payments Balance as of 10131118 $ 652,439.80 Per General Ledger $ 652,439.80 11/7/2018 :FB B B / BF/F BF BFBF mBFF Housing Trust Fund 10/31/2018 IEVENUE date check# _. 10/8/2008 Deposit 44,080.00 Edgewood 12/4/2008 CCRC Special Permit 9055 347,163.00 Edgewood 5/11/2009 #9 Amelia Way 10748 3,692.00 Edgewood 7/9/2009 9&11 Amelia,8,12,19,27 Samuel 11342 33,868.00 Edgewood 9/24/2009 Bistro&renovation of living room,social day&staff lounge. 11996 14,130.00 Edgewood 10/6/2009 21 Caroline Way 12126 3,360.00 Edgewood 10/6/2009 36 Samuel Way 12127 3,692.00 Edgewood 10/6/2009 32 Samuel Way 12128 3,692.00 Edgewood 10/6/2009 43 Caroline Way 12123 3,692,00 Edgewood 10/6/2009 41 Caroline Way 12124 3,692.00 Edgewood 10/6/2009 35 Caroline Way 12125 3,360.00 Ankeles,Bonfant:,.. 10/26/2009 2 Harvest Dr.-Unit 206 12438 28,400.00 Edgewood 11/05/2009 Edgewood unit 12462 3,278.00 Edgewood 11/05/2009 Edgewood unit 12463 3,360.00 Edgewood 11/05/2009 Edgewood unit 12464 3,728.00 Edgewood 12/4/2009 Alzheimers Unit 12774 37,564.00 Aloisi&Aloisi 1/14/2010 3 Harvest Dr. #206 18035 47,856.00 Edgewood 1/22/2010 25&29 Charlotte 13266 7,952.00 Edgewood 1/22/2010 24&30 Charlotte 13267 6,972.00 McGloin 2/26/2010 180 Chickering Rd.Unit 109 C 2526 29,700.00 Marian P.Abraham PC 3/31/2010 4 Harvest Dr.Unit 103 2067 29,200.00 Douglas Mercurio 4/12/2010 190 Chickering Rd Unit 211D 14082 23,850.00 Edgewood 4/29/2010 Milk Barn 14327 16,056.00 Stiles&Associates LLC 11/10/2010 610 Alden Way 11278 40,000.00 Edgewood 12/14/2010 Second(final)Installment of AH payment 16768 347,163.00 Dalton&Feingold 6/612012 R.Vanasse-Payoff:14 Anniis St. 14047 12,000.00 Law Office of Erik T.Potter 2/28/2013 Ryan Connolly-Down Payment Reimb. 1027 5,500.00 Law Office of Douglas Mercurio 9/3/2013 Stephanie Gaissl-Down Payment Reimb. 23629 5,000.00 Compass Point Condos 9/11/2013 96,98, 100 Compass Point Condos 7673,7674,7675 15,000.00 Compass Point Condos 12/26/2013 94 Compass Point Condos 7763 5,000.00 Bernardini Law 3/18/2014 Bethany Blaney-Down Payment Reimb. 16 5,000.00 Compass Point Condos 4/4/2014 90 Compass Point Condos 7766 5,000.00 Compass Point Condos 7/28/2014 80 Compas Point Condos 7773 5,000.00 Dalton&Feingold 8/11/2014 Kara Bruce-Down Payment Reimb. 30831 5,000.00 Trust Construction Corp. 8/19/2014 84&86 Compass Point Condos 7774 10,000.00 G.Penney Down Payment Reimb. 1401 Great Skim Title&Closing Serv. 8128/2014 Pond Rd Unit 11 16823 4,000.00 Trust Construction Corp. 10/28/2014 76 Compass Point Condos 7842 5,000.00 Keating Law Office 5/6/2015 200 Chickering Rd Unit 106B-resale 14312 16,700.00 Trust Construction Corp. 5/11/2015 58 Compass Point Condos 7874 5,000.00 Matthew McCarthy- 16B Kingston St#114 Down Payment Brian McGrail Atty. 6/29/2015 Reimb. 8064 5,000.00 Community Preservation Grant 9/2/2015 64-66 May Street wire 100,000.00 Trust Construction Corp. 7/27/2015 68 Compass Point 7879 5,000.00 Trust Construction Corp. 9/14/2015 74 Compass Point 7880 5,000.00 Trust Construction Corp. 10/22/2015 52 Compass Point 7922 5,000.00 Trust Construction Corp. 10/23/2015 50 Compass Point 7923 1 5,000.00 Trust Construction Corp. 1/15/16 62 Compass Point 7925 5,000.00 Fiorello&Migliori 3/8/2016 Reimb for sale of May St Unit 3725 64,000.00 Fiorello&'MI lion 5/3/2016 Reimb for sale of May St Unit 3877 64,000.00 Trust Construction Corp. 6/15/2016 56 Compass Point 7927 5,000.00 HousingWIN Trust Construction Corp. 9/14/2016 48&64 Compass Point 7934 10,000.00 Trust Construction Corp. 10/11/2016 66 Compass Point 7932 5,000.00 Trust Construction Corp. 11/3/2016 60 Compass Point 7933 5,000.00 Manzi Bonanno&Bowers 11/21/2016 5,000.00 Trust Construction Corp. 12/15/2016 46 Compass Point 7937 5,000.00 Wire Transfer from CPA Grant 4/6/2017 100,000,00 Trust Construstion Corp 5/4/2017 38&40 Compass Point 8026 10,000.00 Trust Construstion Corp 5/25/2017 42 Compass pount 5,000,00 Trust Construstion Corp 5/31/2017 44 Compass Point 5,000.00 Wire Transfer from CPA Grant 9/11/2017 100,000.00 Trust Construction Corp. 2/15/2018 30,34&36 Compass Point 25,000.00 Trust Construction Corp. 4/18/2018 22 Compass Point 5,000.00 Trust Construction Corp. 4/25/2018 16 Compass Point 5,000.00 Fiorello&Migliori 6/7/2018 18-054M First Mortgage payoff 87,000.00 Wire Transfer from CPA Grant 9/18/2018 100,000.00 Trust Construction Corp. 10/18/2018 14 Compass Point 10,000,00 Interest Jan•••Mar 2018 Interest Apr Jun 2018 Interest Jul-Sept 201.8 Interest Oct-Dec 2018 75fal Interestearned to-date 36,110.30 a - m. Renee Therrien 10/8/2010 3 Harvest Dr.Unit 207-resale 5,500.00 Valerie A. Peabody 11/4/2010 4 Harvest Dr. Unit 222-resale 4,000.00 Other Charges&Expenses 4/22/2011 22-24 Ashland St 11,115.50 Paula Avery-Century 21 6/9/2011 190 Chickering Rd#207D-resale 4,000.00 Carol Declerq 8/8/2011 1 Harves Dr.Unit 303-resale 4,000.00 Lauren Chapman 11/18/11 1 Harves Dr.Unit 207-resale 4,000.00 Daher Companies 3/27/2012 4 Harvest Dr.Unit 108-resale 4,000.00 Johanna Tosch 4/12/2012 4 Harvest Dr.Unit 120-resale 1,650.00 Coastal Homebuyer 9/15/2011 Estrella/Gonzalez applicaion review 1,000.00 Coastal Homebuyer 9/15/2011 Process Wu Gills Dejesus Bruno&Oramas 2,500.00 Coastal Homebuyer 12/22/2011 Appiicatiion review Kittles&Rivers 1,000.00 Coastal Homebuyers 2/16/2012 Application review Letendre&Gills 2,000.00 Coastal Homebuyers 3/26/2012 Closings-Oramas,Kittles&DeJesus 4,500.00 Brad Hodgson 02/20/13 1305 Basswood Circle-resale 2,715.00 Caroline Walsh 02/20/13 4 Harvest Drive,Unit 206-resale 2,460.00 Kimberly Palmer Manning 6/20/2013 1 Harvest Dr,Unit 307 2,460.00 Janice Orlando 10/29/2013 180 Chickering Rd.Unit 209C 2,016.00 Bread&Roses Housing Inc. 3/20/2014 91 Waverly Road 110,000.00 Martha Sykes 3/27/2014 3 Harvest Dr.Unit 110 2,445.00 Gregory Penne 7/24/2014 1 Harvest Dr.Unit 109 resale 2,098.50 Bethany Blainey 7/24/2014 4 Harvest Dr Unit 303-resale 2,812.50 Claire Sokol 8/28/2014 4 Harvest Dr.Unit 307-Brokers fee reimb. 2,523.00 Ryan McSheehy 10/14/2014 4 Harvest Dr.Unit 212-Brokers fee reimb. 1,860.00 Wire Transfer 9/2/2015 Bread&Rases-May Street 400,000.00 AN Tabibian 11/5/2015 2 Harvest Dr.Unit 105 resale 2,085.00 Wire Transfer 9/13/2016 Bread&Roses-May Street 115,000.00 Christopher Long 11/3/2016 200 Chickering Rd.,Unit 103B broker fee reimb. 2,040.00 Wire Transfer 9/12/2017 Bread&Roses 310,000.00 Wire Transfer 9/26/2017 Bread&Roses 300,000.00 Enviromental Business 10/5/2617 Feasibilty Study Fountain Drive 510.00 Diemer Joan M 10/19/2017 Reimb for broker fees 2,535.00 Action Services 11/15/2016 Escrow for repairs Chickering Road 7,555.00 vi r x Housing nvit—om ntal Business Foun,,Wn DHve EcJea 990.poj Expenditures tot.-O;� w" CURRENT BALANCE 652,439.110 Town of North Andover P 1 90521sav18 14:41 1AC OUNT TRIAL BALANCE FOR FY19/JUL TO OCT lglatrbal FUND ACCOUNT ACCOUNT NAME BEG. BALANCE DEBITS CREDITS NET CHANGE END BALANCE PER JNL SRC EFF DATE REFERENCE 8007.0.00.0000.0.0000.00.0000.104000. Cash Affordable Housing Trust 541,106.89 1 1439 CRP 07/31/18 CASH RECEIPTS JOURNAL 278.97 .00 278.97 2 953 CRP 08/31/18 CASH RECEIPTS JOURNAL 325.86 .00 604.83 3 344 GEN 09/18/18 SYSTEM GENERATED DUE TO LINE 100,000.00 .00 100,604.83 3 905 CRP 09/30/18 CASH RECEIPTS JOURNAL 343.89 .00 100,948.72 4 603 CRP 10/18/18 CASH RECEIPTS JOURNAL 10,000.00 .00 110,948.72 4 964 CRP 10/31/18 CASH RECEIPTS JOURNAL 384.19 .00 111,332.91 8007-104000 541,106.89 111,332.91 .00 111,332.91 652,439.80 8007.0.00.0000.0.0000.00.0000.359000. F/B Affordable Housing Trust -541,106.89 8007-359000 -541,106,89 00 .00 .00 -541,106.89 8007.0.00.0000.0.0000.00.0000.437900. Misc Rev- Affordable Housing .00 4 603 CRP 10/18/18 0145 CASH RECEIPTS JOURNAL .00 5,000.00 -5,000.00 4 603 CRP 10/18/18 0145 CASH RECEIPTS JOURNAL .00 5,000.00 -10,000.00 8007-437900 .00 .00 10,000.00 -10,000.00 -10,000.00 8007.0.00.0000.0.0000.00.0000.468500. Grant Revenue-CPA Project .00 3 344 GEN 09/18/18 Art 12 May 15 2018 Transfer .00 100,000.00 -100,000.00 8007-m468500 .00 .00 100,000.00 -100,000.00 -100,000.00 8007.1.00.0000.0.0000.00.0000.482000. Interest Income .00 1 1439 CRP 07/31/18 0145 CASH RECEIPTS JOURNAL .00 278.97 -278.97 2 953 CRP 08/31/18 0145 CASH RECEIPTS JOURNAL .00 325.86 -604.83 3 905 CRP 09/30/18 0145 CASH RECEIPTS JOURNAL .00 343.89 -948.72 4 964 CRP 10/31/18 0145 CASH RECEIPTS JOURNAL .00 384.19 -1,332.91 80070001-482000 .00 .00 1,332.91 -1,332.91 -1,332.91 TOTALS FOR FUND 8007 - - Affordable Housing Trust .00 111,332.91 111,332.91 .00 .00 REPORT TOTALS .00 111,332.91 111,332.91 .00 .00 - ** END OF REPORT Generated by Lyne Savage ** Lowell Five- Statement Ending 1013112018 P.O.Box 440 The Relationship Bank Pagel of Lowell, MA 01853 ADDRESS SERVICE REQUESTED Managing Your Accounts Main Number (800)931-3483 LosttStolen Card (800)472-3272 TOWN OF NORTH ANDOVER Main Office 34 John Street AFFORDABLE HOUSING COMMITTEE Lowell, MA 01852 120 MAIN ST Online Access www,lowelifive.com NORTH ANDOVER MA 01845-2420 1111 ABA Routing# 211371337 APP Download our Mobile App today! 0 0 0 0 0 A A Lo wd Rve i-named one offhe Strongest Financial Institutions on the Nation. NA ....................... ...............-----1-1-1- ��............................................-------- ....................................................—.. ....................................................................... ................................................... Pay for your purchases with a wave of your smartphone by adding your Lowell Five Debit Card to your phone®s Apple@, Samsung@ or Android"m Pay App. Call us at 978,452.1300 or drop by a branch location and ask us how! Summary of Accounts Account Account Number Ending Balance ..........6u iness Money Market XXXXXXXX3101 $652,439.80 Business Money Market-XXXXXXXX3101 Account Summary Interest Summary Date Description Amount Description Amount 1010112018 Beginning Balance $642,055.61 Annual Percentage Yield Earned 0.75% 2 Credit(s)This Period $10,384.19 Interest Days 31 2 Debit(s)This Period $0.00 Interest Earned $410.59 1013112018 Ending Balance $652,439.80 Interest Paid This Period $384.19 Interest Paid Year-to-Date $2,959.60 Account Activity Post Date Description Debits Credits Balance 1010112018 Beginning Balance $642,055.61 10113T2018 Eff. 10-14 Credit Interest $384.19 $642,439.80 Lowel Statement Ending 1013112018 The Relationship Bank Page 3 of 4 Business Money Market-XXXXXX X3101 (continued) Account Activity(continued) Post Date Description Debits Credits Balance 10/18/2018 Deposit Internet Transfer from 3922149 CK $10,000.00 $652,439.80 10/31/2018 Ending Balance $652,439.80 Daily Balances Date Amount Date Amount Date Amount 10/01/2018 $642,055.61 10/13/2018 $642,439.80 10/18/2018 $652,439.80 Overdraft and Returned Item Fees Total for this period Total year-to-date Total Overdraft Fees $0.00 $0.00 Total Returned Item Fees $0.00 $0.00 Interest Rate Changes Interest Rate As Of Date Interest Rate 10/01/2018 0.7370% Lowell Statement Ending 1013112018 The Relationship Bank Page 4 of 4 THIS PAGE WAS LEFT INTENTIONALLY BLANK TOWN OF NORTH ANDOVER ---Tax—office SCHEDULE OF DEPARTMENTAL PAYMENTS TO THE TREASURER Accounting File -NUMBER--. I ---DEPT:AHT FUND 10/16/2018 ------------ r Acc t# ............. Affordable Housing Trust 8007-1 AHT Fund $5,000.00 Trust Construction Corp.-Compass Point MA Decision ck#0033 10/16/18 12 Compass Point ck#0032 10/16/18 ___ __ — - _ 1 8007-1 AHT Fund=d=�_ $5,000.00 14 Compass Point LOWELL FIVE 3101 CASH ACCOUNT 107700 ----------- ----------- Jj —---------- ---------------------------------------------------------------------------------------------------------........ ----------------------------—----- COMMONWEALTH OF MASSACHUSETTS TOWN OF NORTH ANDOVER To the Accounting Officer: The above is a detailed list of moneys collected by me amounting in the aggregate to the sum of —— - md- ----_ -- ____ __- - 1- � -__ fen Tho�ua Dollars and No Cents October- which Lt2ytp2jg to the Town Treasure-whose receipt I hold therefor. BernaaetteC"ravv Bernadette Curran AHT Fund TITLE gi 53.7133/2113 0032 TRUST CONSTRUCTION CORP. �► 51 Mount Joy Drive " Tewksbury,MA 01876 (978)851-3456 DATE PAY y Syr ",ypp Or2�ET2 CIF � fd- $ 1 Msw "1"wo-4 p g� gam' t� r Oil LowmilAve t ( ( LL,MdU SSAC14USET`TS 01851 N" MEMO b 1 O—S 2113 ? 133 ?1: 4384267112 0 32 53.713t,. .. ,. .:...... ...... . . .»,.-� .,.•�m W TRUST CONSTRUCTION CORP. 3/2113 0033 51 Mount Joy Drive pmWimWorkm Tewksbury,MA 01876 (978)81-3456 DATE PAY TO THE" ",. D OF 7 �e LT� DOLLARS f µ,u Loll ILAWELL AMfSAGHUSEI7 1 M1r r 2113 ? 133 ?1: 43� 26711' 0033 11/29/2018 Town of North Andover Mail-CHAPA NORTEI -ANPOVER Massachuo�d r Laurie Burzlaff<Iburzlaff@northandoverma.gov> 01 CHAPA Bernadette Curran <bcurran@northandoverma.gov> Wed, Oct 24, 2018 at 12:23 PM To: Laurie Burzlaff<Iburzlaff@northandoverma.gov> Hi Laurie, Please see below question from Elizabeth Palma-Diaz. Not sure if you would like to respond to her or if you want me to let her know that Meghan starts on Nov. 5th and can contact her regarding the Real Estate Commission. Please advise. Thanks, Bernadette Curran Community& Economic Development Division Town of North Anriover 120 Main Street North Andover, MA. 01845 Phone 978.688.9531 Fax 978,688.9542 bcurran@NorthAndoverMa.gov Hours of Operation: Monday,Wednesday, Thursday 8 AM -4:30 PM Tuesday 8 AM -6 PM, Friday 8 AM -12 PM `'Town Seal in Color ---------- Forwarded message--------- From: Elizabeth Palma-Diaz<epan rnadiar@chapa,org> Date: Wed, Oct 24, 2018 at 12:16 PM Subject: Funds available ? To: Eric Kfoury<ekfoury@raorthandoverra7a.gov>, Bernadette Curran <br,,rarr,.ari@raorthar dc)verurra.gov> Dear Eric, The market is slowing down for the affordable unit and we might need to post the units on MLS again to find a buyer within the affordable marketing period. Please confirm if the town or Trust still will pay 1.5% towards the Real Estate Commission. Elizabeth Palma-Diaz Senior Program Manager Citizens'Housing and Planning Association. NEW S;S: One Beacon Street 5th Floor Boston,MA 021o8 617-74.2-082() 617-690-8848 https:Hmail.google.com/mail/u/O?ik=912b6394b7&view=pt&search=all&permmsgid=msg-f%3Al 6l 5224632322583053&simpl=msg-f%3Al6l 52246323... 1/2 COMMUNITY DEVELOPMENT DIVISION Building Conservation Health Planning Zoning October 21, 2013 Dear Homeowner: I am writing to you because the Town of North Andover is interested in making sure your home remains affordable and can assist other families in obtaining a new home. Your home's current deed rider allows you to sell your home to anyone if it is unsold after 120 days of the initial advertising period. In your case, that date has recently ended. No income limitations would apply to the buyer as they did when you purchased your home. If you chose to sell your unit on these terms, the following will apply: ✓ You must pay for an appraisal and the buyer must pay at least 95% of the appraised price. ✓ The difference between the actual sales price and the affordable price must be given to the Town of North Andover. The money you receive from the sale is the same as if you had sold your home to an income eligible buyer. ✓ The deed rider is removed and the buyer obtains the unit with no affordability restrictions attached. Because it is important to the Town of North Andover to keep homes affordable, the Town of North Andover and CHAPA would like you to consider selling your unit on terms summarized below. ✓ The buyer does not have to meet any income requirements. ✓ The buyer pays the affordable price determined by CHAPA. No appraisal is necessary. ✓ The buyer accepts a new deed rider called the Universal Deed Rider(attached). ✓ The Town of North Andover is offering $4,000 towards the cost of a real estate broker. Selling your home to a buyer willing to accept the Universal Deed Rider is a big benefit to North Andover because it preserves your home as affordable. To encourage your interest in the program, the North Andover Housing Trust is offering up to $4,000 to reimburse a real estate agent who sells your unit to a buyer who accepts the new deed rider. A real estate broker willing to sell your unit under these terms has been identified. I can provide you with contact information should you so desire. North Andover wants very much to preserve your unit as an affordable unit, and is willing to spend up to $4,000 to do so. The money is contingent, however, on the buyer accepting the new Universal Deed Rider. Attached is a sheet summarizing the differences between selling under the terms of your current deed rider and selling under terms of the Universal Deed Rider. Please feel free to contact me if you have any questions about the program. I can be reached at 978-688-9531. Sincerely, Curt T. Bellavance, AICP Director of Community Development Summary of Differences Between Current and Universal Deed Riders Current Deed Rider Universal Deed Rider Money you The affordable price, minus The affordable price, minus received at closing CHAPA's resale fee, regardless of CHAPA's resale fee, regardless of Sales Price Sales Price Potential Buyers Anyone Anyone (after 120 days) Marketing No marketing help from Town or Up to $4,000—enough to hire a Assistance CHAPA real estate broker to list unit on MLS and market unit. Seller's Expenses Appraisal fee. None Potential real estate agent commission.