Minutes of Meeting Held on
Thursday, May 24, 2012 – 4:30pm
Recreation Office, 1st Floor, Town Hall
Members Present: Linda Ghiloni Not Present: Manuel Ferreira
John Parent Scotty Golder
Kevin Santos
Charles McGourty
Joseph Peznola
Kerin Shea
Robin Frank
I. Discussion of Esplanade Unit #118
Unit #207 is set to expire on May 31. The owner is Maria Marrone. Committee suggested contacting her to see if she would give us a 90 day extension.
Unit #118 deadline to act is July 15th. Discussion followed regarding placing on MLS and also trying to get an extension on that property. This unit is being handled by Zelia Frias for the owners listed as Arthur and Grace Hamill.
Mr. Santos looked at all of the unit’s currently on sale at the Esplanade and one #404 is on the market for $160,000, which is more than likely based on the condo fee of $163/month, the last 40B from the original group.
If that is the case and there is still one left that is still on the market, the likelihood of finding an over 55 buyer is very slim.
The committee if faced with a number of challenges:
- CHAPA’s involvement in resale of units. Their website and marketing doesn’t reach people. Mr. Peznola spoke with Ms. Martinez about the 2.5% of selling price, charged to the Trust which is what CHAPA makes on the resale of any property. She would need to discuss a reduction in the fee with others at CHAPA, but Ms. Martinez indicated that the Trust could negotiate a lesser fee if they took on more of the responsibilities such as running interested buyers through income eligibility requirements; marketing of the property, etc. The trust could pay a consultant to do those to see if they could reach out to a bigger market of individuals.
- It was also suggested that the trust create a list of eligible buyers ahead of time maybe using information from the Hudson Housing Authority. The Housing Authority could have different eligibility requirements that a much lower that 80% of median income.
- A major stumbling block for buyers is getting financing and the required down payment. The two programs the Trust is looking into creating – Down Payment Assistance and the Buy Down Program might not be the answer since eligibility requires buyer to come up the with 5% down payment on their own and have turned down individuals who were getting that extra help from a relative. It could be that the programs are exempt, but the trust should get that information from CHAPA.
- Ms. Martinez did indicate that she was very skeptical of trustees buying and renting property since eviction to sell could become an issue. This is where the Housing Authority could assist in managing the property as rentals. They have a long waiting list for individuals.
II. Discuss any bank interest in:
a. a package offer to finance buyer; and
b. giving trust a revolving line of credit to buy a property.
Mr. Peznola had a brief conversation with Mr. Hickey from Marlborough Savings Bank and he is very interested in discussing the possibility of helping up finance the purchase of affordable units, assisting buyers with financing and assisting the trust with foreclosed units.
Mr. Santos talked with Don Frost from Avidia Bank who indicated they just received a grant from the Federal Home Loan Bank for “soft second” for borrowers who earn less that 80% if median income.
Both Trustees will follow up with those individuals to get more information.
III. Future Meeting Schedule
The next meeting of the trust will be on June 11, 2012 at 5:45 pm prior to the Master Plan Kick Off Meeting.
IV. Old Business
- In discussing the Master Plan information was disseminated on the various reports that would come out of that plan such as a Housing Production Plan which will help the trust with negative 40B projects. Unfortunately, the Master Plan will take over 18 months since it is a very in depth study of all aspects of a community such as transportation, natural resources, housing, open space and recreation, public facilities, economic development, etc. Hudson currently has many smaller plans that deal with a number of those subjects, but they are old and need updating and there are state requirements that the Master Plan would meet such as housing regulations required by DHCD (Department of Housing and Community Development).
- Suggestion that the trust should look into buying land and building, but unfortunately our financial situation is not great that that may not be possible. The Housing Authority is also looking into that so maybe combining efforts would be feasible.
- Get information from other towns that have very successful trusts to see what they do.
V. Adjourn
Ms. Ghiloni motioned to adjourn the meeting at 6:10pm, seconded by Ms. Shea and carried…
Vote: 7-0 in Favor
Motion to Adopt: Ms. Frank
Second: Mr. Parent
Vote: 4-1 in Favor (Mr. Golder abstained) – July 10, 2012
| 
