Select Board endorses LIP application for Novo Riverside Commons 40B project

Stephanie Kefir, counsel for the applicant, and representatives from the developer described the Novo Riverside Commons project and explained why the applicant seeks the select board’s endorsement for a Local Initiative Program (LIP) application rather than the previously‑pursued New England Fund subsidy.

Kefir said the proposal is for a 201‑unit development on a 10.2‑acre site with a quarter of the units set aside as affordable and that the project has a comprehensive permit from the Zoning Board of Appeals and wetlands approvals. She explained the change in funding source followed an equity investor’s commitment that allowed the applicant to pursue an alternate subsidy program administered under the LIP process.

Board members asked timing and sequencing questions, including whether the regulatory agreement must be signed before a building permit can be issued. Applicant representatives said the regulatory agreement is required prior to permitting, and they signaled readiness to break ground in June if state and municipal steps move promptly.

After clarifying a minor signature page error in the draft application, the board voted to authorize the town manager or the select board chair to sign the LIP application and to submit a letter of support.

Why it matters: endorsement and timely state processing are steps toward construction of housing units counted toward town affordable‑housing goals; the regulatory agreement will bind affordability requirements in perpetuity under the LIP terms.

What’s next: applicants will finalize and submit the LIP application to the state, pursue the regulatory agreement and return to the town with the finalized documents as required.