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Needham committee hears larger funding gap for housing projects; CPC considers bonding, phased funding
Summary
Committee members were updated on Community Preservation Committee (CPC) review of three housing-related applications, including a Needham Housing Authority request that increased from about $5.6 million to $9.9 million after a HUD rule change; CPC is weighing bonding the project and other options ahead of public hearings and a March vote.
The Town of Needham Finance Community Housing Oversight Committee on Feb. 10 heard that the Community Preservation Committee is reviewing three housing-related grant applications and that the funding gap for a Needham Housing Authority project has widened from roughly $5.6 million to $9.9 million.
Committee members were told the CPC is conducting due diligence, holding presentations and has scheduled a public hearing for March 12 at 7 p.m. in the Charles River Room at PSAB, with a CPC vote set for March 19. The CPC has asked the town to explore bonding the housing authority project as one possible financing approach.
The change in the funding gap was explained as a consequence of a HUD litigation outcome and program change. As one presenter summarized, “Program B requires us to meet a different and new test called the 20 year capital needs assessment test,” which shifted more renovation costs into the up-front budget and also reduced the amount of subsidy…
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