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Affordable Housing Trust Fund approves closing-cost aid and mortgage subordination for two Nantucket properties
Summary
At a remote meeting, the Affordable Housing Trust Fund approved a closing-cost assistance application for a home at 80 Somerset Road and agreed to subordinate its closing-cost mortgage on 63 Cato Lane to a new refinanced mortgage with Cape Cod 5 Savings Bank.
At a remote meeting of the Affordable Housing Trust Fund, the board approved a closing-cost assistance application for a dwelling at 80 Somerset Road and agreed to subordinate a closing-cost assistance mortgage on 63 Cato Lane to a new mortgage held by Cape Cod 5 Savings Bank.
The approvals matter because the first action clears a purchaser to receive local assistance for closing costs, and the second rearranges lien priority so a homeowner can refinance with a commercial lender. Both votes were recorded by roll call.
Staff member Alice Ramos told the board the application for 80 Somerset Road was complete. No dollar amount for the closing-cost assistance was specified in the record. The board moved to approve the application by roll call; members recorded as voting "aye" were Meg Browers, Tom Dixon, Forrest Bell and Vice Chair Penny Dye. The vote was recorded as unanimous among those voting.
On the subordination request, staff indicated homeowner Elvis Butler is refinancing with Cape Cod 5 Savings Bank and that the Affordable Housing Trust Fund holds a closing-cost assistance mortgage dated July 13, 2022, currently in second position. The existing mortgage's original principal amount was stated in the record as $700,000. The board voted to subordinate its mortgage to the new refinanced mortgage; the meeting record shows the motion was moved by Meg Browers and seconded by Chantal Blas Murphy, and roll call votes recorded aye from Meg Browers, Tom Dixon, Forrest Bell, Chantal Blas Murphy and Vice Chair Penny Dye.
Both items were handled as routine, with no extended debate recorded. Staff confirmed the closing-cost application file was complete; no further conditions or follow-up tasks were recorded in the transcript.
Votes at a glance - Closing-cost assistance application: 80 Somerset Road — outcome: approved by roll call; mover/second not specified in the record; recorded ayes: Meg Browers, Tom Dixon, Forrest Bell, Penny Dye; no dissent recorded. - Subordination of trust mortgage (closing-cost assistance mortgage dated July 13, 2022) for 63 Cato Lane to Cape Cod 5 Savings Bank (refinance, original principal stated $700,000) — outcome: approved by roll call; mover recorded as Meg Browers, second as Chantal Blas Murphy; recorded ayes: Meg Browers, Tom Dixon, Forrest Bell, Chantal Blas Murphy, Penny Dye.
The meeting referenced the procedural authorization for remote meetings under chapter 20 of the acts of 2021. No amounts for the closing-cost assistance award to the 80 Somerset Road applicant were specified in the meeting transcript.
