Chelmsford Woods Littleton Road_presentation_3-11-2013

The Current Site

The Current Site

The Current Site

Mix of Building Types A community that will serve families, seniors, disabled and veterans.

Benefits to the Town of Chelmsford and its Residents

- Unlike all other larger scale 40B Rental Developments this development will have 100% affordable and not just 20%. - It is a redevelopment of existing site and was approved by the BOS, Planning Board, Housing Advisory Board and CPC as an appropriate site for housing. - This development will provide Chelmsford with at least a one year reprieve from any other 40B developments as it will meet our Planned Production goals for at least one year. - This development will be affordable to a wide range of families, seniors Veterans and the disabled. Ranging from low to moderate income. - This development will only use the mandatory 10% set aside from Community Preservation – making sure that the other 80% can be used for Open Space, Recreation and Historical purposes.

Phase One

Phase Two

SCHEDULE

GOALS OF CHELMSFORD COMMUNITY PRESERVATION AFFORDABLE HOUSING

GOALS OF CHELMSFORD COMMUNITY PRESERVATION AFFORDABLE HOUSING

Recent CPC Awards for Community Housing Average award of $19,500 per unit

This request is $18,965 per unit

CHOICE Center $400,000 for 37 Units

Manahan Street Veteran’s Housing

$400,000 for 8 Units Lynn Marcella Residences

$75,000 for 5 Units

Using the $660,000 currently set aside for Community Housing, the Town would use those funds and bond the difference of $1.58 million. Both of these scenarios would require funds beyond the 10% minimum set aside if the interest rate is in fact 2.5%. However, the actual interest rate may be less and require nothing beyond the 10%. Similar to the purchase of Open Space, the Town used the balance in the accounts to make large lump sum deposits.

CPC Funding

Protections

1.) Funds will only be dispersed once all of the other funding sources have been awarded. These funds will not be used prior to the closing of the other 6 or more funding sources. 2.) An Affordable Housing Restriction that identifies the $2.18 million dollars as a “mortgage” on the property. It will require that any sale or transfer of the project would require approval by the Town. This would allow the Town to protect their long term interest in the site. 3.) The Comprehensive Permit issued by the Town will require that the site remain affordable in perpetuity.