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Polly Rains urges release from shared‑equity covenant, cites appraisal fees and $70,000 gap
Summary
Polly Rains of East Branch Farms testified that her unit has sat empty eight months and said covenant and Cornerstone Housing Partners’ qualification processes created barriers; the board recommended seeking legal advice and expressed concern that release would reduce permanently affordable housing.
Polly Rains testified she sought to be released from a shared‑equity affordable‑housing covenant after her East Branch Farms unit remained empty for eight months despite market interest.
Rains said the covenants and the qualification process used by Cornerstone Housing Partners have created barriers for income‑sensitive buyers. She described a $70,000 funding gap in a prospective purchase and said the project's appraiser charged 6% while the covenant allows 1%; she also said inconsistent explanations of the covenants at closings left owners unclear about restrictions and fees. Homeowners' association members told the board several units are sitting empty and expressed concern that releases would undermine the shared‑equity program’s purpose of preserving affordability in perpetuity.
Board members stated that removing an affordable unit would diminish the town’s stock of permanently affordable housing and recommended legal counsel review the real‑estate and covenant issues; the board closed the hearing and did not grant a release at the meeting.
