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Select Board authorizes final Local Initiative agreement and monitoring for Novo Riverside Commons
Summary
After the developer submitted final redlines, the Select Board authorized the Town Manager to execute the LIP regulatory agreement for Novo Riverside Commons and to sign a monitoring agreement with the Regional Housing Services Office; staff noted building‑permit review is pending final state approval.
Developers for Novo Riverside Commons returned to the Select Board with final Local Initiative Program (LIP) regulatory‑agreement redlines. Town staff and the Regional Housing Services Office (RHSO) reviewed the materials and recommended the Select Board authorize the Town Manager to execute the regulatory agreement required for final approval by the state Executive Office of Housing and Livable Communities (EOHLC).
The board voted to authorize three steps: (1) authorize the Town Manager to sign the LIP regulatory agreement after final state review; (2) authorize the Town Manager to submit a letter of Select Board support to EOHLC for final approval; and (3) authorize the Town Manager to execute a monitoring‑services agreement with the Regional Housing Services Office to provide long‑term affordability monitoring.
Staff confirmed the building‑permit application has been submitted and internal review meetings occurred, but said permits will not issue until the state gives final LIP approval and the regulatory agreement is recorded. RHSO’s monitoring fee structure included a baseline fee and a per‑unit component; town staff said the RHSO fee model has been used in other communities and should reasonably cover monitoring costs.
What changed: the developer converted the project into a LIP (state‑reviewed local initiative) path and supplied 2026 AMI and final unit mixes. The board’s vote advances the town’s formal sign‑off step required by the state.
Next steps: staff will file the board’s support letter with EOHLC, obtain the executed regulatory agreement and monitoring contract, and then the developer may proceed with permit issuance after state finalization.
