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Towne Building Story

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.

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Towne Building Story

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  1. 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

  2. Towne Building StoryActon 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

  3. Towne Building StoryTowne 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

  4. Towne Building StoryHistory (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)

  5. Towne Building StoryWhy 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

  6. Towne Building StoryDevelopment 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

  7. Towne Building StoryRequest 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

  8. Towne Building StoryProgram and Affordability Guidelines • 18-20 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

  9. Towne Building StoryFinancing • 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

  10. Towne Building StoryCurrent 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

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