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Select Board authorizes Affordable Housing Trust to exercise purchase option and approves refinance request
Summary
The board authorized the Westborough Affordable Housing Trust to act on the town's behalf to exercise a purchase option for a unit at Bradish Lane if an eligible buyer cannot be found, and approved a Local Initiative Program refinance request for a unit on Stagecoach Circle.
The Westborough Select Board authorized the Westborough Affordable Housing Trust Dec. 2 to act on the town’s behalf to exercise a purchase option for an affordable unit at 1012 Bradish Lane if the state housing agency (EOHLC) cannot secure an eligible buyer within the required period. The board also approved an LIP refinance request for 3 Stagecoach Circle, Unit 11.
The board’s action follows a unanimous recommendation from the Affordable Housing Trust. The select board approved an appropriation in the meeting materials of $215,600 plus associated costs and fees as the available purchase-authority figure should the town need to acquire the unit for the trust.
Both motions passed on unanimous voice votes with five members present. The actions mirror previous practice: the trust first considers acquisition/refinance and then asks the select board to authorize town action when required.
