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Board reviews addition of predevelopment funding category to Affordable Housing Fund guidelines
Summary
The board heard a presentation on adding a $25,000 predevelopment cost category to the Falmouth Affordable Housing Fund guidelines. Staff said the amount would likely be a separate allocation from project funding and that applications will be reviewed case‑by‑case.
Kim Fish, the town’s housing coordinator, presented proposed amendments to the Falmouth Affordable Housing Fund Board of Trustees funding allocation guidelines to add explicit language allowing grants for predevelopment costs.
Fish said the new language was prompted by an application that would benefit from predevelopment assistance; the example figure discussed in the meeting was $25,000, which staff described as a separate line item in addition to project allocations (the transcript records board discussion that $25,000 would be separate from the $150,000 project allocation). Fish said predevelopment awards would be used sparingly and evaluated against project specifics, funding availability and queue position.
Board members asked whether the guideline wording should be broadened (for example, adding "including but not limited to" when listing eligible predevelopment expenses) so that feasibility studies, market analyses, appraisals and other professional services would be clearly eligible. Fish said the application review process and working group discussions will consider such costs and that the working group can recommend conditions (including repayment) when appropriate.
No final vote on the guideline amendment is recorded in the portion of the transcript provided; staff said the working group will review applications and recommend actions to the town manager and trustees.
