Towne Building Story Acton Community Housing Corporation Towne Building History Why a great project Development Steps Request for Proposal (RFP) Program and Affordability Guidelines Financing Current Status

Towne Building Story Acton Community Housing Corp Formed in 1986 by Selectmen as a nonprofit partnership with broad board membership Modified in1996 under a Home Rule petition as a Selectmen-appointed Town Board Purpose – to facilitate affordable housing Milestones Close relationship with Housing Authority Lesson: Be prepared

Towne Building Story Towne Building History Town high school, built in 1926 Part of school campus: School Committee and Selectmen had voted to demolish for play area Vote at 2001 Town meeting to preserve Transferred to Town with request not to sell Discussions of reuse; ACHC receives offer of technical support from MPF School Com study - affordable housing only use

Towne Building Story History (Continued) Reuse Committee confirms housing only viable use January 2002, Selectmen vote to recommend affordable housing to Town meeting Citizens’ Petition to demolish building Feasibility study funded by MHP At well-attended Town meeting, petition was opposed by Selectmen, supported by Finance Committee, and defeated 342 yes, 467 no (affirmation of support for affordable housing and preservation)

Towne Building Story Why a great project Need for affordable rental housing – 83 % of Town employees make less than $ 50,000 Preservation of a historical building Meets good planning criteria Friendly 40B way to achieve zoning variances Places property back on the tax role Continuous support of Selectmen and Manager A project that ‘the Town” can be proud of

Towne Building Story Development Steps Feasibility study in hand Town Meeting Approval of Lease of Building Negotiations with School Com re Land Parcel HOME Rule Petition required for 50 year lease RFP and Select Developer Financing Construction Occupancy

Towne Building Story Request for Proposal Working from available documents Get help Guidelines  Define affordability requirements carefully  Know what you want and is essential Avoid unnecessary controls Clear requirements re historical etc Site requirements One Stop Applications Have sound criteria for selection and an effective selection process

Towne Building Story Program and Affordability Guidelines units of rental housing Mixed income with at least two three-bdrm units One handicapped unit Local preference for affordable units as allowed 25% of total units for families at or below 60% of area median income 50% of total units for families at or below 80%of area median income

Towne Building Story Financing Project cost $ 4.3 million Mortgage Debt I million Home and Soft Second 1 million Tax Credits ( LIHTC and Historic) 2 million Other Equity $ 300,000

Towne Building Story Current Status Developer Selected: Homeowners Rehab, Inc Have Home Rule Petition for 50 year lease Await clarification that public bidding is not required (per DHCD Guidelines) Hope to have funding this year and construction in 2006