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Select Board tables decision on $2.4 million commitment for 545 Main Street affordable‑housing project
Summary
After extended questioning about timing, lien priority and developer financing gaps, the Select Board voted 3–2 to table consideration of the town manager's $2.4 million funding recommendation for the 545 Main Street affordable‑housing project until its Oct. 7 meeting so staff and the applicant can seek alternatives and narrow the acquisition funding gap.
The Falmouth Select Board on Sept. 23 deferred a decision on a request that would commit the town to $2.4 million toward a 30‑unit deed‑restricted housing project at 545 Main Street, voting 3–2 to table the matter until the board’s Oct. 7 meeting.
Town staff recommended the full $2.4 million but proposed changing the timing of the award so less money is released for land acquisition and more is reserved for construction to reduce the town’s early‑stage risk. The developer’s representative, introduced in the packet as Michael Glasson, said the project faces an acquisition financing gap and asked the board to…
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