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Father Martin cooperative asks city for loan restructuring as carrying charges rise
Summary
Members of Father Martin Homes, a limited-equity cooperative in South Boston, told the City Council committee that decades-old loan terms, rising carrying charges and an estimated multi-million-dollar capital needs list threaten the cooperative’s long-term affordability and asked the city for flexible relief and supports.
Residents and board members of Father Martin Homes told the committee on Oct. 9 that a combination of legacy loans, annual carrying-charge increases and large projected capital needs have put the cooperative under financial stress and that city assistance will be required to preserve long-term affordability.
Bailey Naiokis, president of the Father Martin board, told the committee the development "was 1 of several cooperatives created to give working and low and middle income residents path to homeownership, stability, and community control while keeping housing permanently affordable." Katie Narduzzo, the coop treasurer, said a capital-needs assessment identified more than $4,000,000 in required repairs and replacements over the next 20 years.
What residents said and asked Resident board members described multiple, overlapping loans on the property that shifted to the cooperative after tax-credit investors exited; the…
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