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Board approves preliminary resolution for 56-unit North Shore senior affordable project
Summary
The board approved a preliminary resolution preserving up to $10,000,000 in bond authority for MATCO’s North Shore project, described as 56 affordable units for seniors with no resident above 80% AMI; developers said final zoning and financing steps remain.
The board approved a preliminary not-to-exceed $10,000,000 resolution for MATCO’s North Shore project, which the presenter described as 56 affordable units targeted for seniors.
Abhishek Mathur, principal of MATCO, told the board "these 56 units are expected to be affordable, with no resident having income above 80% AMI at that project" and that the site is in early stages with community meetings planned. Mathur said the project will meet ADA accessibility requirements and that MATCO planned to meet with nearby community stakeholders the following Monday.
Board members asked whether voucher units would be at lower income levels; MATCO said voucher-targeted units would generally be at or below 30% AMI and other units would be positioned using income averaging. The board approved the preliminary resolution by voice vote; final approvals, financing arrangements and any necessary zoning will come back to the board if THDA/LIHTC awards are secured.
