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Commission looks to LISC for help developing town-owned parcels into affordable housing
Summary
Commission members reviewed Local Initiatives Support Corporation (LISC) 100% affordable development models (Essex, Madison, Old Saybrook) and agreed to meet with LISC in September to explore financing, zoning changes and incentives for town-owned properties.
The commission recapped a May 28 joint meeting with Local Initiatives Support Corporation (LISC) and multiple town commissions. Chair said LISC presented three 100% affordable developments—described as multiuse lofts, duplex/condo models and other site-specific types—to show how dedicated financing and design approaches produce deeply affordable units.
Chair described LISC as a "facilitator" and "a one-stop shop" for affordable development, saying the organization can advise on financing, partnerships and project deal-making. "They would help in all aspects of that ... help find, develop," she said. Commissioners raised questions about timelines, federal tax credits, funding mechanisms and how to incentivize private landowners to pursue affordable conversions. Members agreed to invite LISC back for a public presentation and to include EDC, TPZ and housing commission representatives in a September meeting.
Commissioners discussed tradeoffs between single-family deed-restricted projects (which Habitat for Humanity favors) and LISC's multiunit models better suited to meeting town demand for one- and two-bedroom units. They also asked staff to prepare more detailed financial and regulatory information before a follow-up public forum.
