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Richmond says $3.1 million loan repaid, reports 83 SHI-eligible units from recent projects
Summary
At the June 3 Affordable Housing Trust meeting, Richmond Development representative Andrew Burek reported repayment of a $3.1 million loan and summarized recent sales, lotteries and conversions that added 83 total SHI-eligible units and 27 income-restricted rental units to the island inventory.
Andrew Burek, representing Richmond Development, told the Affordable Housing Trust on June 3 that a $3,100,000 construction loan for Sandpiper Place phases was repaid in full on May 12, 2025, with $115,885 in interest. The loan had financed seven homes, six restricted at 80% area median income (AMI) and one restricted at 175% AMI, Burek said.
The repayment “was repaid in full on 05/12/2025,” Burek said. He said the six 80% AMI homes sold at $284,000 each; the single 175% AMI unit sold at $781,000. Burek also noted that under current HUD AMI numbers the comparable maximum sale prices would now be roughly $360,000 for an 80% unit and $871,000 for a 175% unit.
Burek described multiple rental and conversion projects funded or supported with Trust dollars. He said a $5,000,000 grant helped complete phases 5 and 6 of Meadows (Gooseberry Place acceleration), producing 55 rental units, of which 27 are income-restricted at various AMI levels. That deal included a 10-unit master lease to the town. A separate $3,725,000 grant is supporting conversion of seven formerly market-rate units at Meadows 1 (Chicory Place) to 80% AMI units; Burek said those units are being renovated and are being advertised now, with a lottery scheduled for July 8.
Burek summarized lottery demand and wait-list data across projects. For the seven-home Sandpiper sale lottery in 2023 he said there were 39 gross applications and 71 households found wait-list eligible across unit types; the 80% homes saw about a 9-to-1 ratio of qualified households to available unit. For Gooseberry phase lotteries he reported roughly 60 gross applications for an initial set of 15 80% units (about 8.3 net eligible to 1 available unit) and similar elevated demand for subsequent phases; many lotteries showed local preference of more than 80%.
Burek also listed advertised maximum rents for the Meadows 1 conversions: $1,009.27 for a studio, $2,001.97 for a one-bedroom and $2,004.37 for a two-bedroom unit. He said most rental units from the recent phases are leased; two 20% AMI units (one studio, one one-bedroom) remained vacant but he expected they would fill from existing wait lists.
Trust members asked about household-size demand; Burek said leasing staff report one-bedroom demand has grown and is highest across many income categories. Christy Ferantella, staff, and Brian Sullivan, chair, thanked Burek and Richmond for the updates; Burek agreed to provide written summary notes to the Trust office.
Burek concluded that, combining the recent transactions, Richmond’s work resulted in 83 total SHI-eligible units and 34 additional units with affordability restrictions (24 at 80% AMI and 10 at 20% AMI for rentals), representing roughly 41% of the units involved having some affordability characteristic.
Trust members did not take formal votes on the status report; the presentation was an informational update and Burek was asked to provide written materials to the Trust office.
