Chilmark Housing Committee
High Meadow Homesite
Informational Meeting Minutes
Monday, October 20, 2008 at 5:30 p.m.
Draft
Present: Andy Goldman, Chairman, Jim Feiner, Zee Gamson, Roland Kluver and
Christina Soulagnet, Administrative Assistant
Absent: Tim Lasker and William Randol
Guest Speakers: John Washbrook, Edgartown National Bank; Terri Keech, Administration,
and David Vigneault, Executive Director, Dukes County Regional Housing Authority;
William Meegan, Chilmark Planning Board/Builder
Attendees: Diane DeMoe, Hein Kraak, Jesse Burton, Primo A. Lombardi, Jeffrey Day,
Emily Day, Nancy J. Benoit, Perry Ambulos, Dardy Slavin, Cameron Parry,
Dauguoli Budris, Lev Wylodaka, Jen Wylodaka, Holly Bellebuno, Deborah
Silliman, and Jeff Wass.
Call To Order
Andy Goldman, Chairman, called the meeting to order at 5:34 p.m. and welcomed all the guests and attendees. Mr. Goldman began the discussion by giving an overview of the High Meadow Homesite Opportunity. The Homesite lot is a 2.1 acre parcel that will be designated through a Town Lottery by the Board of Selectmen. Also discussed was the Town's effort to provide affordable housing and the various projects the Town is currently working on such as the Middle Line Road Community Housing Program and Nabs Corner.
Mr. Goldman introduced Riggs Parker, Chilmark Selectman. Mr. Parker extended a warm welcome to the guests and attendees. The Town is pleased to see the number of attendees and excited for our first lottery.
Introductions were made:
- John Washbrook, Edgartown National Bank, to discuss mortgage applications.
- William Meegan, Builder, to discuss construction costs.
- Jim Feiner, Chilmark Housing Committee
- Andy Goldman, Chair, Chilmark Housing Committee
- Zee Gamson, Chilmark Housing Committee
- Terri Keech, Administration, and David Vigneault, Executive Director, Dukes County
Regional Housing Authority, to discuss financial certification.
- Roland Kluver, Chilmark Housing Committee
- Christina Soulagnet, Administration, Chilmark Housing Committee.
Christina Soulagnet provided an overview of the application documents, the timeline of dates, and stressed the importance of submitting a completed application by the deadline date, which is on November 7, 2008 at 4:00 pm.
David Vigneault discussed the Dukes County Regional Housing Authority's role in the lottery. Mr. Vigneault also encouraged the attendees to put their name on the Homebuyer waiting list, and if an affordable housing opportunity comes up, they will be contacted.
Terri Keech will be verifying the financial part of the application. Ms. Keech discussed income and asset levels, verification forms, tax records, etc… all these documents she will need to certify the financial "Part II" of the application.
John Washbrook discussed the three major factors that a bank looks for when applying for a mortgage, which are the loan devalue (ratio of loan amount versus property value), gross income (all sources of income) and the credit report. For a construction mortgage loan, the bank requires building plans, a building budget and the construction of the home to be completed within one year. Mr. Washbrook responded to a question pertaining to sweat equity by stating that the bank looks at each application individually and such application would warrant a judgment call. Monthly mortgage payments will be interest only while the home is being constructed. The bank will deposit funds into the recipient's account to cover construction invoices. When the home is completed, the bank will transfer the
construction mortgage to a conventional mortgage.
William Meegan suggested to the attendees to set a budget and stick to it. Build what you can afford and save upgrades for later, keeping in mind that this is an affordable Homesite lot in perpetuity.
The following were a few concerns from the attendees.
- There should be a minimum and maximum set for income levels. Someone making enough to build a home, may be disqualified because they make too much. Some qualifying financially, may not be able to afford to build a home. Tricky situation.
- There was an issue regarding the affordability in perpetuity. What if the recipient wants to leave the home to their child? The attendee asked that the Housing Committee look into this scenario.
- Are health cost expense included in the Homesite financial application.
Mr. Goldman thanked the Committee, guests and the attendees.
With no further business to discuss, Mr. Goldman adjourned the meeting at 7:00 pm.
Minutes respectfully submitted by Christina Soulagnet, Administrative Assistant.
| 
