HomeMy WebLinkAbout2018-12-04 Affordable Housing Trust Minutes (2)
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