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Town Council approves $100,000 from municipal affordable housing fund for Seminole Development
Summary
The Lincoln Town Council voted to grant $100,000 from the municipal affordable housing fund to Seminole Development for four units priced at 80% of area median income, with payment contingent on income verification and recording.
The Lincoln Town Council approved a $100,000 payment from the town's municipal affordable housing fund to Seminole Development on April 15, after a public hearing and discussion on how the funds will be used.
Seminole Development proposed a 10-duplex subdivision (20 units) and requested payments-in-lieu of $5,000 per unit originally. The developer later revised the request so the $100,000 would be applied to four units that would be sold at 80% of area median income (AMI), i.e., $25,000 per unit, with payment made after income verification and recording requirements are met. Town Planner Stephanie Davies recommended the revised allocation.
Nut graf: The council framed the award as applying only to units that can be demonstrated and recorded as restricted to households at or below 80% AMI. Councilors discussed the difficulty of qualifying buyers at that income level and confirmed the town will disburse funds after proof that the specific units meet the income restrictions.
Council questions and staff answers focused on timing and use of funds. Seminole's representative said the $100,000 would primarily cover monitoring and application costs and that the developer will only draw funds if the units actually sell at the 80% level. Town staff noted the fund balance ($138,399.84 before this award) and that, by statute, unused funds may be transferred to Rhode Island Housing after three years if uncommitted.
A public hearing was opened and closed with no additional testimony recorded. Councilman Musso moved to grant the $100,000 under the terms recommended; Councilor Azar seconded. The motion passed by voice vote.
Ending: The award leaves a remaining balance in the municipal affordable housing fund (about $38,000 after this disbursement, per staff) and carries a condition that funds be disbursed only upon verification that the units are sold to households meeting the 80% AMI requirement.
