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CPC hears updates on housing authority projects, discusses CPA bonding and MBTA compliance deadlines
Summary
Committee members reviewed technical questions for the Charles River Center proposal and updates on Needham Housing Authority projects; staff said consultants recommended conferring with Town Counsel about CPA Act interpretation and the committee discussed using CPA revenue as bond security for larger housing projects.
Members of the Needham Community Preservation Committee discussed recent work on multiple housing proposals and financing options during the Jan. 22 meeting.
Maureen (committee member) said the committee and its consultant, Emily Actenberg, had developed technical questions for the Charles River Center team and planned to hear from that applicant in February. She said the Charles River group was also meeting with the town manager about zoning questions. "They were right on it. And we will hear from them and we will certainly forward those additional questions from Emily to them," Maureen told the committee.
Committee members and staff also reviewed updates on Needham Housing Authority projects (referred to in discussion by project names including High Rock Estates, Seabeds and Cook). Staff said MassHousing Partnership consultants recommended that the CPC chair and vice chair meet with Town Counsel to clarify ambiguous CPA Act interpretations relevant to spending CPA funds on new units and how existing units built without CPA funds should be treated during redevelopment. The chair said the consultants noted a range of opinions exists among towns and recommended clarifying the legal approach before advancing funding decisions.
The committee discussed a possible option to pledge future CPA revenue as security for a municipal bond to finance large housing projects — noting that while other towns have used CPA revenue streams to back bonds, the town finance director had advised there are limits and procedures to follow. Committee members agreed to pursue a meeting with the finance director, town counsel and project sponsors to examine options. No formal CPC votes were taken on financing at the Jan. 22 meeting.
Committee members also received updates that the Needham Housing Authority was invited to submit a full application to a funding program (the presenter said an application for a first-phase project is due Feb. 27) and that the town is pursuing interim compliance with the MBTA Communities Act by submitting an action plan. Staff said interim compliance would preserve certain state grant eligibility that might otherwise be jeopardized.
