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Affordable Housing Trust endorses LAU application for 18–26 Sparks Ave.
Summary
The Affordable Housing Trust voted July 15 to endorse a Local Action Unit application and local-preference letter for a proposed 32-unit development at 18–26 Sparks Ave.; eight units would be restricted to households at or below 80% of area median income.
At its July 15 meeting, the Affordable Housing Trust voted to endorse a Local Action Unit application for a proposed 32-unit development at 18 through 26 Sparks Ave. The trust also endorsed a draft local-preference letter that will be considered by the Select Board on July 23. The developer proposes 32 housing units, eight of which are to be restricted to families earning up to 80% of area median income. Staff said meeting the 25% threshold of units at restricted levels would make the entire development eligible for inclusion on the town—s Subsidized Housing Inventory and is part of the state Local Action Unit (LAU) application process administered by the Executive Office of Housing and Livable Communities. Lynn Sweet of LDS Consulting Group, who said her firm is assisting the development team, described her role in preparing applications and managing lotteries. "We have also brought in a lottery agent specifically that is going to run the affordable lottery and work on the annual reporting," Sweet said. Trust members asked whether endorsement obligates the trust financially. Staff replied the endorsement of the application and the local-preference letter carries no financial obligation for the trust and is required to move the project toward permitting. The motion to approve and execute the LAU application, authorize signing any additional documents needed to complete the submission, and endorse the local-preference letter was moved by Penny Dye and seconded by Forrest Bell. The board approved the motion by roll call vote; all members present voted aye. The LAU application and the local-preference letter will next appear before the Select Board at its meeting on July 23, staff said. The developer—s team and town counsel have reviewed the LAU materials and accepted recommended edits provided by staff. Trust members and staff said Housing Nantucket and the town will monitor compliance and annual reporting if state approval and regulatory agreements proceed.
