A meeting of the Arlington Housing Authority was held which was open to the public, and was called to order by Chairman Nicholas Mitropoulos on Wednesday, December 7, 2005 at 7:08 PM in the John F. Cusack Room, located at 4 Winslow Street, Arlington, MA. The Roll Call was taken and the following members of the Arlington Housing Authority were present:
Dr. Patricia Worden
Teresa J. Walsh (arrived at 7:20 PM)
Franklin W. Hurd, Jr. Executive Director
The Chairman announced that the filing of the Notice with the Town Clerk has been complied with and directed a copy of this Notice be spread upon the records, a copy of which is as follows:
Notice is hereby given in accordance with Section 23, Chapter 39 of the Massachusetts General Laws, that a meeting of the Arlington Housing Authority will be held on Wednesday, December 7, 2005 at 7:00 PM in the Town Hall, Arlington, MA.
CERTIFICATE AS TO SERVICE OF NOTICE OF MEETING
I, Franklin W. Hurd, Jr., the duly appointed Secretary of the Arlington Housing Authority, do hereby certify that on November 10, 2005 was emailed and filed with the Town Clerk of the Town of Arlington a copy of Notice of Meeting, of which the foregoing is a true and correct copy.
Chestnut Manor Redevelopment
David Levy and Peer Smith addressed the Board. Mr. Levy reported general progress on the project. He told the Board that the Board of Selectmen has voted to approve a request for funding up to $50,000 for the purpose of further researching the feasibility of this project.
He noted that the proposal would be for all affordable rental units. Public funding will be needed, and any number of funding programs will be sought to meet the financial obligations of the project.
One reason for the Special Meeting was to talk about the roll the AHA would play in the project. The project would hve an estimated cost of $4,000.000.
Ms. Walsh entered the meeting at 7:20 PM.
General funding for the project could come from a number of sources, among them: rental income, HOME funds, funds from the Affordable Housing Trust. CDBG could also be an additional funding source.
It appears that the longer the term the project would offer the offordable housing, the better and more favorable the financial feasibility and financing terms would be. Lenders look for longer terms in their decisions to fund special purpose affordable housing loans.
Dr. Worden requested clarification of how a local preference would be made available in the proposal. The funding source will determine how much preference would be allowed. Generally, a local preferences could be made for up to 70% of the project units. The actual figure would probably be program specific.
Mr. Mitropoulos asked how much the Arlington Housing Authority would need to put into the project. He believed that the value of the land should be considered by lenders in their determination of how much the Arlington Housing Authority would be putting into the project.
Currently, nearly $150,000.00 in CDBG funds has been awarded to the Arlington Housing Authority for the creation of affordable housing, and this may be another funding source for the project depending upon the length of time allowed for funding awards to be spent. This time limit would require further investigation. Future CDBG funding awards could also be possible funding sources for this project.
Mr. Smith responded that the Department of Housing and Community Development looks for a local commitment in such projects. The contribution of land, and zoning considerations, would demonstrate such local support.
Mr. Smith discussed the various options that could be available to the Authority in proceeding with the project, should it decide to do so. He noted that much more information will be available through the results of the feasibility study. The study would offer a better understanding of the project, and how and or if it should continue to be explored.
Upon a motion by Mr. Griffin, and seconded by Mr. Murray, it was unanimously:
To adjourn the meeting at 8:30 PM.