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Developers aim for late-August groundbreaking at 35 Town Farm Road as financing closes
Summary
Project leaders told the Select Board they are targeting an August 26 groundbreaking (with Sept. 2 rain date) for the 35 Town Farm Road affordable housing project, pending final tax-credit buyers and closing of multiple funding sources.
The development team for the 35 Town Farm Road housing project asked the Select Board on May 26 to clear a late-August date for a public groundbreaking so state and lender partners can attend.
Project lead David told the board that the project requires a dozen stakeholders to close on financing (federal and state low-income housing tax-credit purchasers, construction lender, permanent lender, and multiple state and local grants). He said a market-softened environment for tax-credit buyers lengthens the timing to finalize tax-credit purchasers, which drives the necessary coordination window for a public ceremony.
"We are looking at August 26th and as the fallback the week after that, September 2nd," he said, explaining that the team needs time to align tax-credit buyers and other funders' schedules. The board did not object and encouraged staff to proceed with coordinating state and funder participation.
No board action was required beyond permission to set a public event date; the project team said it would circulate details after confirming funding participants and the day/time of the ceremony.
