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Select Board's Affordable Housing Trust clears buy-down for 21 Evergreen Street
Summary
The Affordable Housing Trust approved a buy-down using town and CPA funds to place 21 Evergreen Street on the subsidized housing inventory, enabling a first-time homebuyer to close pending state approval.
The Affordable Housing Trust unanimously approved a buy-down application for 21 Evergreen Street that will place a permanent affordable-housing deed restriction on the property.
At the Select Board meeting Monday night, trust members heard from housing consultant Leonardo Reyes, who described the purchase of an affordable housing restriction as the mechanism to close the gap between an 80% area-median-income affordable price and market sale price. "So that is the gap that the town is offering," Reyes said, adding the program can provide up to $195,000 and that, in this case, the buy-down would be about $192,000. Town staff said the unit will be included on the state’s Subsidized Housing Inventory after state approval.
Board members moved to approve the trust’s recommendation so the parties can move forward with closing. "Motion to approve," a board member said; the motion was seconded and the board voted aye. Staff noted the approval is contingent on required state sign-offs and final deed-restriction paperwork. The trust said one additional grant remains available under the current program and that the town plans an information session for prospective applicants in early September.
