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HomeMy WebLinkAboutMansfield Housing Corp 11/4/2015Minutes of Mansfield Housing Corporation Board of Directors meeting of November 4, 2015 The meeting was held starting at 7:30 PM in the building inspector's conference room on the bottom floor of the Mansfield Town Hall. Present were Randy Waters, Chairman; Connie Baynes, Treasurer, and members Debra Tatum and Lou Amoruso. Absent was Marilyn Lewis Randy Waters introduced our speaker, JenniferVan Campen, whom he had invited to speak about her experiences with other towns through herjob with a not for profit consulting company that specializes in affordable housing. Her company, Metro West Collaborative Development has managed or advised many projects in different town that have involved renovations and conversions of buildings to create apartments, condominiums and similar facilities for the elderly or for low income families. Attached are some of the towns that herg organization serves or have served in the past and the area that they currently serve. The discussion was broad and members questions were responded to as the discussion continued. Some of the materials that were provided are attached. No votes were taken and no business was transacted since this was a training session. There will be a meeting in December and the ideas that were shared will help the board to plan for the future. Mrs. Van Campen also offered the possibility that here organization might be available to assist Mansfield in its efforts if that were deemed desirable. Meeting convened at 8:56 PM. Respectfully submitted, i,^ N� L� ��'7� z a�� acting secretary Louis P. Amoruso Date: 1 2' °( I )3" Lc] U m LI— � CD LLJ _ an e� N 1—. 4 COLLABORATIVE DEVELOPMENT Metro West Collaborative Development Real Estate Development Experience St. Joseph Hall — 2014 This former Catholic School was converted into elderly apartments in the 1980s by the Dominican Sisters of Peace. After 25 years, the Sisters could not keep up with the capital repairs needed by the historic building. Also, the property had a Section 8 contract that was nearing its expiration. Metro West CD purchased the property and assembled the financing to undertake a $5.5 million project that will keep the 25 apartments in top condition, improving energy efficiency and handicapped accessibility and preserve them as affordable housing for the next 50 years. This property is managed by Maloney Properties. 1060 Belmont Street — 2010 This blighted 18 -unit rental property was purchased by Metro West CD in 2008 for $2.1 million. Over the next two years $3.4 million was raised to renovate the apartments and create three handicapped accessible units. Funds used included: Low Income Housing Tax Credits, HOME Program, Federal Home Loan Bank's Affordable Housing Program, Community Based Housing Initiative and a private loan from Watertown Savings Bank. This property is managed by Maloney Properties. Marshall Place — 2006 A former nursing home, Marshall Place was co -developed by Metro West CD and CasCap, who currently owns the property. It contains 10 apartments for the elderly. The total development cost was $2.4 million. Quimby Street Condos — 2003 Metro West CD's first real estate development project was the renovation of two 2 -family homes to create a four -unit condominium project. The total development cost was $1.2 million. 79-B CHAPEL STREET, NEWTON, MA02458 (T)617-923-3505 (F)617-923-8241 ft -10-0 hAF-'T'1R0 WEST COLLABORATIVE DEVELOPMENT Affordable Housing Services 2015 1) Build "Friendly 40B" Developments - New construction or rehabilitate existing buildings into 4-50 units of rental housing - Preference for local residents is possible - Income limits average from $48,000 - $69,700 2) Monitor Existing 40B/Affordable Units - Assess tenants for compliance with income guidelines - Locate new tenants as needed (affordable housing marketing and lotteries) - Perform asset management services to maintain properties in perpetuity 3) Conduct Educational Forums and Community Assessments - Facilitate community forums, conduct community surveys - Prepare fact sheets, write grants, design Affordable Housing Programs - Consult with Community Preservation Committees, Housing Trusts and Housing Authorities on affordable housing program design - Provide information and referrals to 2000+ people each year Current Clients: Belmont Housing Trust Lexington Housing o Assistance Board I Town of Bolton Town of Boxborough Pa Town of Hudson BRITbI ff Town of Littleton ' Town of Stow Town of Watertown Town of Weston' ` '_ © ` Past Clients:,` Town of Brookline r� Town of Lincoln 13ra ;, Town of Lexington Town of Natick City of Newton Sudbury Housing Authority Metro West CD is a 501(c)(3) public charity serving the Metro West area since 1991. More information is available at www.metrowestcd.org or by e -mailing Executive Director, Jennifer Van Campen, at ivc@metrowestcd.org. 79-B CHAPEL STREET, NEWTON, MA 02458 (T)617-923-3505 (F)617-923-8241 i- „r1 i ;(i n,r L 4- V) 4-J L