Article 26: CPC request Sudbury Housing Trust

2007 Town Meeting - Article 26 2 Article 26 – CPC, Sudbury Housing Trust This an outcome of last year’s Town Meeting The Trust was approved at last year TM Authorized under MGL c. 44, s. 55c

2007 Town Meeting - Article 26 3 Article 26 – CPC, Sudbury Housing Trust This article requests transfer of CPA funds to the Sudbury Housing Trust CPA regulation requires 10% to be reserved annually for community housing Recognizing the need to act quickly Preserve ‘Tear-Down’ homes Promote and provide homeownership opportunities

2007 Town Meeting - Article 26 4 Article 26 – CPC, Sudbury Housing Trust The money would be used exclusively for community housing Targeting 70% to 100% of area median income $66,000 to $82,000 for a family of four The funds would be used for small projects 1 to 2 homes in scattered sites Larger projects that require more money would be subject to TM approval

2007 Town Meeting - Article 26 5 Article 26 – CPC, Sudbury Housing Trust The Trust has a balanced set of powers Administered by a Board of six Trustees Real estate transactions require Board of Selectmen approval Operates under existing Municipal Laws For example, Open Meeting, Borrowing and Procurement

2007 Town Meeting - Article 26 6 Thank You