Loading...
BAHT Meeting Minutes 17-11-29CITY OF BEVERLY PUBLIC MEETING MINUTES Board: Date: Location: Members Present: Others Present: Recorder: Adjournment Beverly Affordable Housing Trust November 29, 2017 Beverly City Hall, Conference Room "B" Chair Aaron Clausen, Mayor Michael Cahill, Treasurer Bryant Ayles, Clerk Sue Gabriel, Richard Dinkin Assistant Planning Director Darlene Wynne, Assistant City Solicitor Eitan Goldberg Donna Musumeci The meeting was called to order at 2:07pm Meeting Minutes: There were two sets of outstanding minutes. October 25 minutes are not quite finalized yet. Cahill: Motion to approve the draft meeting minutes of August 23, 2017, as revised. Dinkin seconded. Motion carries (5 -0). Draft Affordable Housing Trust Guidelines & Priorities Discussion Clausen stated Wynne has done a lot of work on these guidelines since the last meeting and began to review some of the changes. He noted there were 4 specific questions we wanted to discuss. Dinkin noted a comment on page 1, 2n to last paragraph, last sentence referring to two sets of generally accepted accounting practices. He said we should specify which one we are using regarding trust assets. Ayles to provide proper terminology. Clausen described proposed changes on page 4 - Section VI, Allocation of Funds by Program Activity. He said we did not have this in the prior guidelines, but was added based on the Somerville model. He said they take all the eligible activities and state how it will be allocated by percentage. He asked if the Trust wants to do this? Group discussed the section. The consensus was that we need flexibility and that Somerville has a much larger annual budget to work with. Cahill: Motion to strike Section VI, Gabriel seconded. Motion carries (5 -0). Ayles asked about for clarification of the first section on the page in bullet "Down Payment/Closing Cost Assistance" regarding whether it is recaptured. The group discussed and made modification to the language. Different thoughts were expressed from the group noting the Trust should be paid back, but not be punitive in nature. Suggestion that we need some more general language around the terms — Beverly Affordable Housing Trust Fund Regular Meeting November 29, 2017 that they would be recaptured at term of sale and there's a mechanism in a sale that incurs a loss for the ability to forgive. Suggestion to have legal take a look with assistance on language for recapturing funds. Added language to include something such as terms to be negotiated on a case by case basis, or negotiated by BAHT. Eitan Goldberg, Assistant City Solicitor, was called in and suggested specific language. He also agreed to provide some language around refinancing. Language addresses first time home buyer loans to cover the down payment cost. Gabriel asked about the timeline and funding schedules. It was decided to push the deadline for announcing the funding to December 15 Clausen noted the next question on Page 5 - Section VII, Terms of Assistance whether the Board wants to include or not include award limits specifically. After discussion, the Board agreed to strike bullets stating funding limits and use this as an internal guideline rather than publishing it. Question also made that what is the point of having limits if we go beyond them? Setting hard levels on the loan could be problematic for some applicants. Also want to ensure what is in here doesn't result in a lot of waivers. Cahill: Motion to eliminate two bullets regarding maximum award limits. Gabriel seconded. Motion carries (5 -0). Clausen noted the third question, on the bottom of page 5, which was regarding including the chart in the document. Board agreed to leave it out. Clausen summarizes that he believes we have consensus on the guidelines. Clausen: Motion to adopt the guidelines with amendments, Gabriel seconded. Motion carries (5 -0). Cahill asks how much money is in the fund and when we are going to ask the CPC for the 10 %. Ayles indicates that $750K is in the fund. Dinkin notes we should ask CPC to routinely contribute more than the 10 %. Cahill confirms that currently none of the CPA funds are in the Trust and wonders how much they could transfer. Ayles indicates they tend to rely on the general fund balance and reserve the 10% balance. Cahill says it has been suggested that CPC will transfer over to the Trust the ability to fund housing projects. Ayles says, assuming CPC wants to transfer the funds, it will have to go before the council for approval. Wynne notes there may be situations where an applicant wants to go to the CPC rather than the Trust — for example if there is a conflict with the inclusionary ordinance. Discussion continued as to whether this was a conflict regarding specific projects. Gabriel says from a management standpoint, there should be one place for the applicant to go to. Group discusses that when it is time to ask for the policy change, to ask for more of than a 10% contribution. Clausen indicates that, generally speaking, the CPC seems willing to transfer more of these funds. He says the time to ask is in conjunction with their application round. Cahill notes it is a policy decision and should not have to be an annual application for the 10 %. However, requests for greater funds could be an in -cycle request. 2 Beverly Affordable Housing Trust Fund Regular Meeting November 29, 2017 Discussion ensued on selection criteria and scoring system. Trust members agree that criteria is all good on the list and may want scoring internally to help quantify the application. They discussed striking the high and low scores to help ensure fairness. Discussion of who will handle administration of a Rehab program and the metrics used with a provider like Habitat for Humanity. Clausen confirms that the language is sufficient and can be revised if necessary. Announcement of Funds Available /Public Meeting: Clausen advised will post the established guidelines, release the NOFA for December 15th, and will plan for a public meeting on January 11. The intention of the meeting will be for information sharing. Applicants will have time to submit a Letter of Interest by January 31 st. Gabriel asked how we will get the awareness out on the NOFA. Suggestions included Boards and Commissions, email lists of anyone in charge of affordable housing, the Beverly Resource Group and the Housing Consortium. Suggestion made to document all questions and answers from the beginning and with the meeting to start a file on all the information — a FAQ. Wynne will post on the website. Adiournment• Gabriel: Motion to adjourn. Dinkin seconded the motion. Adjourned at 3:08.