Chilmark Housing Committee
Meeting Minutes
Monday, March 7, 2011 at 4:30 p.m.
Present: Jim Feiner, Chair, Bill Randol, Andy Goldman, Sheila Muldaur
Todd Christy, Administrative Assistant
Not Present: Roland Kluver
Public: Neal Sullivan, Doug Ruskin
Call To Order:
Jim Feiner, Housing Committee Chair, called the meeting to order at 4:30 pm.
New Business:
Neal Sullivan and Doug Ruskin asked to join the Housing Committee for a meeting to introduce Doug as the new director of Habitat for Humanity. Neal is the Executive Director Habitat. Neal described Habitat’s basic model, which is the same model used nationally to develop and provide no interest loans for housing.
The Committee discussed Homesite Mortgages. The Homesite lots all have a Deed Rider that mandates review and recommendations by the Housing Committee to the Selectmen regarding permitted mortgages. Recently, a refinance took place that did not come to the Housing Committee for review, which triggered some questions concerning how to best formulate a process that would keep this from happening again. The Committee discussed the details of the first refinance requested by Sean and Dardy Slavin for $417,000 at a fixed rate of 4.125% including a home equity of $105,000 and agreed there was no need to make any recommendations since this has already been approved by the Selectmen and maintains affordability. These two amounts combined are just below 150% AMI for a family of 4.
The second refinance was not a traditional Homesite lot for Josh and Lindsey Scott, but a hybrid lot that was in the middle of changing the Town’s Youth lots into Homesite lots. There was no affordability stipulation within this Deed Rider. The amount refinanced was $415,000 and maintained affordability for a family of 4 @ 125% AMI. Again the Committee took no action but was pleased to know that this refinance also maintains its affordability.
The third mortgage is a Middle Line Road Homesite Lot for Jen and Lev Wlodyka who have requested $349,000 at a 30 year fixed rate of 5.0%, which remains affordable @ 120% AMI for a family of 3. The motion was made to recommend this amount be approved by the Selectmen. That motion was seconded and approved all ayes.
The last permitted mortgage was requested by Jennifer Slossberg for $200,000 at 5.0% fixed 30 year mortgage. This amount would maintain affordability at 80% AMI for a family of 2. Within the development of MLR, the MVC requested that one of the Homesite Lots be maintained at or below 100% AMI status, which this satisfies. The motion was made to recommend this amount be approved by the Selectmen. That motion was seconded and approved all ayes.
The Committee was very pleased with the progress the Homesite Lot recipients have made. Three homes are nearly complete and an additional foundation is poured. Matthew Bradley is being re-deployed to Afghanistan in May and will receive a deferment on any building timeline until he returns. His is the final home to begin construction.
With no other new business to discuss, Mr. Feiner closed the meeting at 5:30 pm.
Minutes respectfully submitted by Todd Christy, Administrative Assistant
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