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 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

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 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)

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

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

Towne Building StoryRequest for Proposal

• Working from available documents• Get help• Guidelines

Define affordability requirements carefullyKnow what you want and is essential

Avoid unnecessary controlsClear requirements re historical etcSite requirements

• One Stop Applications• Have sound criteria for selection and an effective

selection process

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

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

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