HomeMy WebLinkAbout2023-03-21 Affordable Housing Trust Minutes
North Andover Affordable Housing Trust
Meeting Minutes
March 21, 2023
Present: Christopher Jee, Joan Fitzgibbons, Richard Vaillancourt, Roger Lawson, Robert Bernardin, George Koehler
and Brian Keating, Assistant Planning Director. Absent: Laurie Burzlaff
Meeting was called to order at 5:30PM in the Select Board Meeting Room at Town Hall.
Approve minutes of February 21, 2023
Motion made by Roger Lawson, seconded by Joan Fitzgibbons to approve the minutes of February 21, 2023.
Motion approved 6-0.
Treasurers Report
Mr. Bernardin reported the Trust has $330,000 uncommitted. The Community Preservation Committee
is recommending our request of 10%
has been actually disbursed. $324K is the uncommitted fund number. Two ongoing projects will be 20
Brown Ct and Senior Home repair. Approximately $1/2 million +/- in uncommitted funds. Brian will look
into how CPC money when and will be disbursed.
20 Brown Court
Annmary Connor stated that Joe Levis met with the Planning Board and the demolition and setback has
been approved. Research shows that land across the street will not be acquired. Pro forma shows that
2 units (condex) will list for approximately $300K. Bread and Roses will apply for MassHousing
neighborhood stabilization program funds. ($250,000). Cummings foundation is a potential source of
funds. AHT so far is gap funding at $125k per unit. Annmary is looking at executing a Purchase and Sale
but at 5-6 months out. Purchase and Sale Agreement will be contingent upon securing construction
financing. Annmary already has bank commitments for primary loans. Bread and Roses request: Can
AHT commit to the $250k so Annmary can secure the rest of the funding?
Richard Vaillancourt made motion, seconded by Robert Bernardin, to commit $250,000 for acquisition
funding contingent on getting loan approval and an affordable deed restriction on the property at or
below 80% of Annual Median Income, closing by 9/1/23, and entering into grant agreement with
Bread and Rose and Affordable Housing Trust. Vote unanimous in favor 6-0.
Senior Home Repair Program
Mr. Jee stated there is approximately $100,000 available for this program. Trust needs a firm number
on the Community Preservation Committee balance in order to commit funds to the program. Next
meeting will commit to funding the program. Some discussion around program implementation ensued.
Matter tabled to next meeting.
Housing Production Plan will continue as is. Mr. Bernardin will volunteer if needed
Fountain Drive discussion/update (if any)
None
ADJOURNMENT
Motion for adjournment made by Joan Fitzgibbons, seconded by George Koehler. Unanimous Vote in favor.
MEETING MATERIALS:
Minutes of February 21, 2023
Draft of home repair program guidelines
Financials