Chelmsford Woods Littleton Road_presentation_3-11-2013
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Chelmsford Woods Littleton Road_presentation_3-11-2013

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Chelmsford Woods Littleton Road_presentation_3-11-2013 Chelmsford Woods Littleton Road_presentation_3-11-2013 Presentation Transcript

  • The Current Site
  • The Current Site
  • The Current Site
  • Mix of Building TypesA 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 Developmentsthis development will have 100% affordable and not just 20%.- It is a redevelopment of existing site and was approved by the BOS, PlanningBoard, Housing Advisory Board and CPC as an appropriate site for housing.- This development will provide Chelmsford with at least a one yearreprieve from any other 40B developments as it will meet our PlannedProduction goals for at least one year.- This development will be affordable to a wide range of families, seniorsVeterans and the disabled. Ranging from low to moderate income.- This development will only use the mandatory 10% set aside from CommunityPreservation – 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 UnitsManahan Street Veteran’s Housing Lynn Marcella Residences $400,000 for 8 Units $75,000 for 5 Units
  • CPC FundingUsing the $660,000 currently set aside for Community Housing, the Town would use those fundsand bond the difference of $1.58 million. Both of these scenarios would require funds beyondthe 10% minimum set aside if the interest rate is in fact 2.5%. However, the actual interest ratemay be less and require nothing beyond the 10%. Similar to the purchase of Open Space, theTown used the balance in the accounts to make large lump sum deposits.
  • Protections1.) Funds will only be dispersed once all of the other funding sources havebeen awarded. These funds will not be used prior to the closing of the other6 or more funding sources.2.) An Affordable Housing Restriction that identifies the $2.18 million dollarsas a “mortgage” on the property. It will require that any sale or transfer of theproject would require approval by the Town. This would allow the Town toprotect their long term interest in the site.3.) The Comprehensive Permit issued by the Town will require that the siteremain affordable in perpetuity.