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Select Board leaves Forest Glen affordable‑unit price unchanged after consultant briefing
Summary
A consultant asked the board to set the maximum sale price for the final unsold Forest Glen affordable unit at the updated formula maximum; some board members argued the developer had ample time to market the unit and preferred to hold the original lottery price, and the board left the previously approved price in place.
Select Board members on April 14 discussed a request to set the sales price for a final, unsold affordable unit in the Forest Glen Estates subdivision.
David Cashman, the consultant working on the project, explained that sales prices for deed‑restricted affordable units are derived from a state formula that uses area median income, condo fees and mortgage inputs; those inputs change over time, and Cashman said the updated calculator produced a maximum allowable price of about $214,500 for the unit.
Some Select Board members questioned why the developer had not marketed the unit earlier or why the unit — which appears to have been built earlier than some adjacent units — had remained unsold. One Select Board member argued the board should hold the developer to the price set at the time of the original subdivision and lottery, which the member said was $193,700.
The board did not change the previously approved price at the meeting; members said they expect developers and consultants to follow program rules but also noted the developer could sell for a lower number if it chose to do so.
Next steps: the existing approval stands; staff and counsel will monitor the listing/sale to ensure program compliance and confirm timing and marketing requirements for the remaining units.
