121 Camp St Unit 89 Affordable Rental Memorandum December 6 2012TOWN OF YARMOUTH
Board of
rr�c�E£ 1146 ROUTE 28, SOUTH YARMOUTH, MASSACHUSETTS 02664-4451 Appeals
a Telephone (508) 398-2231 Ext. 1285, Fax (508) 398-0836
MEMORANDUM
To: File
From: Sandi Clark, Office Administrator
Date: December 6, 2012
Subject: Mill Pond Village — Unit 89 — 121 Camp Street
The attached e-mail and information was sent to the Board of Appeals via e-mail from
Mary Waygen, Community Development Office/Affordable Housing.
Please see Mary's complete file in her office for any review of this subject.
Enclosure
Page 1 of 2
Clark, Sandi
From: Waygan, Mary
Sent: Thursday, December 06, 2012 10:34 AM
To: 'Katherine Lacy'; 'KDavis@haconcapecod.org'; 'GKelleher@haconcapecod.org'; 'Inna Ivers'
Cc: Greene, Karen; Clark, Sandi
Subject: Mill Pond Village - Unit 89 - 121 Camp Street
Attachments: Deed and rider.pdf; Reg Agreement.pdf; Mill Pond Comp Permit BOA Decision.pdf; Mill Pond
Master Deed with out ammendments.pdf; DOC678.pdf; DOC679.pdf; Yarmouth Rent Limit
Worksheet 2012.xlsm; Yarmouth Rent Limit Worksheet 2012m.pdf
Hi!
Tuesday night 1214112 the Board of Selectmen voted affirmatively to approve the renting
of unit 89 in Mill Pond Village for no more than 24 months provided it is rented
affordably to a household that earns no more than 80% AMI, that the rent is not more
than the owner's carrying cost of the unit, and that the lease is reviewed and approved
by the Town to be incompliance with the Town's Affordable Housing Program.
Attached please find the Deed Rider for unit 89, the Regulatory Agreement, the Board
of Appeals Decision and the Master Deed. Attached please find the current federal
income limits, utility allowance worksheet, and the maximum allowable rent
calculations. Please let me know if you agree with my math.
Inna, please confirm these are your carrying costs for the unit — and please provide
documentation of these costs. Also, are you sure you have no homeowners insurance
on the unit?? Please note — this rent calculation is proposed and must be approved by
Housing Assistance and MassHousing Finance. Also, this is not a guarantee that the
market will bear this rent.
Unit Carrying Costs
Mortgage
717
Condo Fees
132
Property Tax
83
Septic Fee
52.5
Water
12.5
PROPOSED MAX RENT
997
Mary Waygan
Town of Yarmouth
Department of Community Development
1146 Route 28
South Yarmouth, MA 02664
Tel: 508-398-2231 Ext 1275
Fax: 508-398-2365
From; Katherine Lacy [mai Ito: KLacy@masshousing.com]
Sent: Tuesday, December 04, 2012 9:43 AM
To: Waygan, Mary
Subject:
12/6/2012
Page 2 of 2
Remember to send that reg agreement, etc.!
Thanks
Katy Lacy
Permitting/Monitoring Specialist
Comprehensive Permit Program
Massachusetts Housing Finance Agency
1 Beacon Street, 28th Floor
Boston, MA 02108
1-617-854-1098
12/6/2012
03-1 4-2007 & 1 1 = 37u
MILL POND VILLAGE CONDOMINIUM
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The Villages at Camp Street, LLC, a Massachusetts limited liability company, with
Its principal place of business at 1600 Falmouth Road, Suite 25, Centerville, MA 02632
For consideration of One Hundred Twenty -Five Thousand and 001100 ($125,000.00)
paid
Grants to Mark A. Ivers and Inna K. Ivers, as Husband and Wife as Tenants by
the Entirety of Unit 89, 121 Camp Street, West Yarmouth, MA
BAR1ISTAELE C:QUh! f't EXCISE,.
BARNSTABLE COUNTY REGISTRY OF DEEDS
with QUITCLAIM COVENANTS Date: 03--14-2€ 07 D 11:.37am
C:s, i : 973 Doc'v: 16-742
The land with buildings thereon situated in Yarmouth, Barnstable County,
Massachusetts, described as follows:
Unit No. 89 (the "Unit") PHASE 6 of MILL POND VILLAGE
CONDOMINIUM (the "Condominium"), created by Master Deed dated March 17,
2005 and recorded in Barnstable County Registry of Deeds on March 18, 2005 and
recorded in Book 19633, Pagel and amended by Amendment No. 6 creating Phase 6
recorded on January 17, 2007 at Book 21703, Page 232 and shown on a plan recorded in
said Registry of Deeds on January 17, 2007 in Plan Book 615, Page 11-13, in accordance
with the provisions of Massachusetts General Laws Chapter 183A,
The Unit is shown on the plan attached hereto as Exhibit A and to which is affixed a
verified statement in the form provided for in Massachusetts General Laws Chapter
183A, Section 9.
The Unit is conveyed with an undivided percent interest ownership in common areas
and facilities re®
The Post Office address of this Unit is: 121 Camp Street Unit 89, West Yarmouth,
MA MASSACHUSETTS STATE EXCISE TAX
BARNSTABLE COUNTY REGISTRY OF DEEDS
Data_: 03-14-2007 a 11:37am
The Unit is conveyed together with: Ct1x: 873 DOCA: 14742
Fee". $427.50 Cons; $125F000.00
(a) the undivided percent interest in the common areas and facilities of the
Condominium as listed above, as such percentage interest may change upon amendment
of the Master Deed pursuant to Section 13 thereof and the inclusion of additional phases
in the Condominium;
(b) an easement for the exclusive use of certain common areas of the
Condominium to the extent set forth in the Master Deed;
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(c) an easement for the continuance of all encroachments by the Unit on any
other Unit or the common areas and facilities existing as a result of construction of the
Buildings, or which may come into existence hereafter as a result of the reconstruction,
repair, shifting, settlement or other movement of any portion of the improvements
comprising the Condominium;
(d) the right to use the common areas and facilities in common with other
Units and others entitled thereto in the Condominium, except for the common areas
subject to exclusive uses by other Unit Owners described in the Master Deed which are
reserved for the use of the applicable Units to which such rights of exclusive use
appertain; and
(f) any other appurtenant rights of the Unit provided in the Master Deed or
the Declaration of Trust of the Mill Pond Village Condominium Trust (the "Declaration
of Trust"), dated March 17, 2005 and recorded with the Registry at Book 19532, Page
254, the By -Laws set forth in Article V of the Declaration of Trust.
The Unit is conveyed subject to:
(a) easements in favor of all other Units and in favor of the common areas and
facilities for the continuance of all encroachments of such other Units or common areas
and facilities on the Unit existing as a result of construction of the Buildings, or which
may come into existence hereafter as a result of the reconstruction, repair, shifting,
settlement or other movement of any portion of the improvements comprising the
Condominium;
(b) the provisions of the Master Deed, the Declaration of Trust, the By -Laws
set forth in the Declaration of Trust and any rules and regulations promulgated
thereunder, as the same may be amended from time to time by the recording of an
instrument effectuating the same, which provisions, together with any amendments
thereto, shall constitute covenants running with the Land and shall bind any person
having at any time any interest or estate in the Unit, its family, servants, invitees or
visitors, as though such provisions were recited and stipulated in their entirety herein;
(c) the rights of the Grantor hereunder as Declarant (as defined in the Master
Deed) to amend the Master Deed in accordance with the provisions thereof, including,
without limitation, the right to amend the Master Deed to include additional phases in the
Condominium pursuant to Section 13 thereof and to exercise the rights and easements
necessary or desirable to construct additional phases of the Condominium pursuant to
said Section 13, and any other rights and easements in favor of, and reserved by, the
Declarant under the provisions of said Section 13 and as otherwise provided in the Master
Deed;
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GSDOCS-1282349-1
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(d) easements, covenants, agreements and restrictions of record, as the same
may now be in force and applicable;
(e) such taxes for the current fiscal year as are not now due and payable;
(f) the provisions of the Massachusetts General Laws Chapter 183A, as such
Chapter 183A may be amended from time to time; and
(g) the Comprehensive Permit issued by the Yarmouth Board of Appeals on
January 25, 2001, as modified by the Stipulation of the Parties recorded with the
Barnstable County Registry of Deeds at Book 14755, Page 218, and by a Modification
Decision recorded July 25, 2003, recorded with said Registry at Book 17335, Page 131.
(h) the terms of the Deed Rider attached hereto.
The Grantee, by accepting this Unit Deed, and by executing this Unit Deed in the
space provided below hereby consents, for the Grantee, the Grantee's heirs,
administrators, executors, successors and assigns and all other persons claiming by,
through or under Grantee, or any other party whatsoever, to (x) Declarant's right to
amend the Master Deed as set forth in, and subject to the provisions of, Section 13
thereof, including, without limitation, the right to amend the Master Deed to include
additional phases in the Condominium, and (y) the granting or exercise of any right or
easement in favor of, and reserved by, Declarant as described in the Master Deed, and
hereby expressly agrees to the alteration of the Unit's percentage interest in the common
areas and facilities of the Condominium upon the creation of additional phases to the
Condominium and as otherwise provided in the Master Deed.
For title reference, see Deed from James F. Ruhan recorded in Book 13045, Page
136 with the Barnstable Registry of Deeds and Deed from Hudson H. Baxter and Peter H.
Baxter, Trustees of Oakwood Avenue Realty Trust, recorded with said Deeds in Book
13783, Page 233.
WITNESS the execution hereof under seal this
GRANTOR:
By. I �k.
Name: M,r
Title: MP
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GSDOCS-f 282349-9
r day of j 2007.
T CAMP STREET, LLC
JJJL G 1 V 'Y V r%j J _.7 J 7T 1 Y / Y<
COMMONWEALTH OF MASSACHUSETTS
Barnstable County, ss.
January 3, 2007
The personally appeared the above -named Michael A. Valerio, Jr., Manager of
The Villages at Camp Street, LLC, prove to me through satisfactory identification
Drivers License, to be the person whose name is signed above personally known unto me
to be duly authorized and acknowledged the foregoing instrument to be his free act and
deed before me
Notary Public
My Commission Expires:
& SUSAN S. MANNING
NoiRry Public
Cammonwu ,11t, at Massachusetts
My oomnjission Expires
U)11
s
February 12, 2010
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GSDOCS-1282349-1
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I- I K:= I r L.GJUFG
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OF �, UNIT ADDRE55L UNIT #aq
/rs��, 121 CAMP STREET
R
U c . A. YARMOUTP, MA. 02673
R. '
GREGi ;
TAYLDIi ;
6'4 INFORMED KITH
rHk RULES THE REGISTERS
OF DEEDS I FIR ( E+ PLAN. I CERTIFIED
THAT T44 LAN ULLTr ACCURATELY DEPICTS
THE LA , LOCATION, UNIT NUMBER AND DIMENSIONS II MILL POND V I L L AG E II
OF THE UNIT tteq AS-DUILT.
PLAN OF LAND IN YARMOIJTl4
MADE FOR:
FOR REGISTRY USE
VILLAGES AT CAMP STREET, LLC.
1600 FALMOUTH ROAD
CENTERVILLE, MA. 02632
SCALE-- I 1N. = 8 FT.
TAYLOR DESIGN ASSOC.
28 SARNSTABLE ROAD
HYANNIS, MA. 02601
0 2 4 9 16
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MASSACHUSETTS HOUSING FINANCE AGENCY
Housing Starts Program
DEED RIDER
annexed to and made part of that certain deed (the "Deed") from The Villages at a Camp
Street, LLC ("Grantor") to Mark A. and Inna K. Ivers ("Grantee") dated
.2007
RECITALS
WHEREAS, the Grantor is conveying that certain real property more particularly
described in the attached Deed ("Property") to the Grantee at a consideration which is
less than the appraised value of the Property; and
WHEREAS, the Property is part of a project which was originally financed under
a construction loan program of the Massachusetts Housing Finance Agency
("MassHousing") known as the Housing Starts Program (the "Program") and was granted
a Comprehensive Permit under Massachusetts General Laws Chapter 40B, Sections 20-
23, from the Town of Yarmouth (the "Municipality"); and '
WHEREAS, pursuant to the Program, eligible purchasers such as the Grantee are
given the opportunity to purchase certain property at a discount of the property's
appraised fair market value if the purchaser agrees to certain use and transfer restrictions,
including the agreement to occupy the Property as a principal residence and to convey the
Property on resale to an income -eligible purchaser, or to the Municipality, or under
certain circumstances described in the Comprehensive Permit, to the Developer for an
amount not greater than the Maximum Resale Price, all as more fully provided herein;
and
WHEREAS, in order to make it most likely that an income -eligible purchaser
who can afford to buy the Property can be located when the Grantee desires to sell, the
Maximum Resale Price is limited by percentage change in median income, with a credit
for certain capital repairs and replacements as more fully provided herein; and
WHEREAS, Housing Assistance Corporation of Cape Cod, Inc. ("HACC") has
been retained to monitor compliance with the terms of this Deed Rider, and eligible
purchasers such as the Grantee are required to pay to HACC, or its successor, a small
percentage of the resale price upon the purchaser's conveyance of the Property, as more
fully provided herein.
NOW, THEREFORE, as further consideration for the conveyance of the Property
at a discount in accordance with the Program, the Grantee, his/her/their heirs, successors
and assigns, hereby agrees that the Property shall be subject to the following rights and
restrictions which are hereby imposed for the benefit of, and shall be enforceable by, the
Municipality and the Monitoring Agent (as herein defined).
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GSDoCS-1282349-1
1. Definitions. In this Deed Rider, the following words and phrases shall
have the following meanings:
Affordable Housing Fund shall have the meaning set forth in Section 7 of the Regulatory
Agreement.
Approved Capital Repairs and Replacements means the documented commercially
reasonable cost of capital repairs and replacements made to the Property, provided that
such cost is approved by the Monitoring Agent and further provided that such cost was
not previously included in the calculation of the Maximum Resale Price for any prior sale
of the Property.
Exafnple: The documented commercially reasonable cost of a new roof paid for
by the Grantor may be included in the Maximum Resale Price on the sale to the
Grantee, but the documented commercially reasonable cost of a new septic system
included in the Maximum Resale Price when the Grantor purchased the Property
is not included in calculating the Maximum Resale Price to the Grantee.
Area means the Primary Metropolitan Statistical Area which includes the Municipality
(or successor demographic area as may be designated by the United States Department of
Housing and Urban Development ("HUD").
Base Income Number means the most recently published Area median income number,
or successors measurement as determined by the United States Department of Housing
and Urban Development ("HUD").
Chief Elected Official means, with respect to a city, the Mayor of such city, and with
respect to a town, the Board of Selectmen of such town.
Closing shall have the meaning set forth in Section 4(d) hereof.
Comprehensive Permit means the Decision on Stipulation, Villages at Camp Street LLC
v. Yarmouth Board of Appeals, pursuant to Chapter 40B, Sections 20-23, of the
Massachusetts General Laws, which decision is recorded with the Registry of on January
29, 2002, as Instrument No. 8884, Book 14755, Page 192 through 263, as amended by
the Town of Yarmouth Modification of Appeals Decision dated April 7, 2003 and
recorded at Book 17335, Page 131.
Conveyance Notice shall have the meaning set forth in Section 4(a) hereof.
Developer means the entity designated as the Developer in the Regulatory Agreement.
Eligible Purchaser means an individual(s) or household who qualifies as a First -Time
Homebuyer earning no more than eighty percent (80%) of the Area "Median Income" as
published from time to time by HUD. If HUD discontinues publication of median
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GSOOCS-1282349-1
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income statistics, then the Monitoring Agent shall designate another measure of eligible
income. To be considered an Eligible Purchaser, the individual(s) or household must
intend to Occupy and thereafter occupy the Property as his, her or their principal
residence and must provide to the Monitoring Agent such income certifications and
verificating as the Monitoring Agent may require to justify designation as an Eligible
Purchaser.
Eligible Purchaser Certificate shall have the meaning set forth in Section 5(a) hereof
First -Time Homebuyer means an individual(s) or household, none of whom have had an
ownership interest in a principal residence at any time during the three (3)-year period
prior to the purchase date of the Property.
HUD means the United States Department of Housing and Urban Development.
Initial Sales Price means the price at which the Property is first sold by the Developer to
an Eligible Purchaser.
Maximum Resale Price means the sum of: (A) the Base Income Number (at the time of
resale) multiplied by the Resale Price Multiplier; (B) the Resale Fee; (C) Approved
Capital Repairs and Replacements, if applicable; and (D) reasonable and customary
closing costs, including brokerage commissions and recording fees, but excluding
attorneys fees.
MonitoringAgent means HACC, as monitoring agent under the Monitoring Services
Agreement, or any successor monitoring agent selected in accordance with the provisions
of Section 6 of the Monitoring Services Agreement. The Monitoring Agent may also
include the Municipality under contract with HACC (or any other duly selected successor
monitoring agent) and MassHousing to provide a portion of the services under the
Monitoring Services Agreement.
Monitoring Services A rg eement means the Monitoring Services Agreement of even date
with the Regulatory Agreement among the Developer, the Monitoring Agent, the
Municipality and MassHousing, in the form attached as Exhibit D to the Regulatory
Agreement.
Municipal Compliance Certificate shall have the meaning set forth in Section 5(a) hereof.
Permitted Indebtedness shall have the meaning set forth in Section 6(a) hereof.
Project means the 136 unit development located along Camp Street Municipality, and
known as Mill Pond, which, pursuant to the terms of the Comprehensive Permit and the
Program, includes 35 detached dwellings to be sold as Affordable Units to Eligible
Purchasers.
Regis means the Barnstable County Registry of Deeds.
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GSDOCS-1282349-1
Regulatory A eement means the Regulatory Agreement among MassHousing, the
Monitoring Agent, the Municipality and the Developer dated July 22, 2003 and recorded
with the Registry in Book 17335, Page 89.
Related Party shall have the meaning set forth in Section 6(a) hereof.
Resale Fee means two and three quater of a percent (2.75%) of the actual resale price of
the Property to be paid to the Monitoring Agent as compensation for monitoring
compliance with the terms of this Deed Rider, including the resale process, as more fully
described in Section 11 hereof.
Resale Price Certificate means the certificate issued by MassHousing and recorded with
the first deed of the Property from the Developer, or the subsequent certificate (if any)
issued by the Monitoring Agent in accordance with Section 3 of the Regulatory
Agreement, which sets forth the Resale Price Multiplier to be applied on the Grantee's
sale of the Property, according to the terms of this Deed Rider, for so long as the
restrictions set forth herein continue.
Resale Price Multiplier means 1.87, which is the number set forth in the most recently
recorded Resale Price Certificate. The original Resale Price Multiplier was calculated by
MassHousing by dividing the Initial Sale Price by the Base income Number at the time of
the initial sale from the Developer to the first Eligible Purchaser, and unless a new Resale
Price Certificate is recorded as provided below and in accordance with Section 3 of the
Regulatory Agreement, this number will be multiplied by the Base Income Number at the
time of resale by the Grantee to determine (in part) the Maximum Resale Price on such
resale. In the event that the purchase price paid for the Property by the Grantee includes
Approved Capital Repairs and Replacements, the Resale Price Multiplier will be
recalculated by the Monitoring Agent by dividing the purchase price so paid (not
including the Resale Fee or closing costs) by the Base Income Number at the time of such
purchase, and a new Resale Price Certificate will be recorded immediately following the
recording of this Deed.
Example; Assume the Base Income Number at the time of the initial sale is
$80,800 and the Initial Sale Price is $150,000. The Resale Price Multiplier would
equal 1.86 (150,000/80,800 = 1.86). Then assume that at the time the initial
purchaser sells the unit, the Base Income Number has increased to $88,072 and
the cost of Approved Capital Repairs and Replacements (e.g., a new rood equals
$5,000, the Maximum Resale Price (herein defined) would be calculated as
follows: $88,072 x 1.86 = $163,814 + the Resale Fee (herein defined) + closing
costs + $5,000. If the subsequent purchaser sells the unit at a time when the Base
Income Number is $85,000, the Maximum Resale Price would be calculated as
follows: (i) recalculated Resale Price Multiplier = 1.92 (168,814/88072 = 1.92);
(ii) $85,000 x 1.92 = $163,200 + the Resale Fee + Approved Capital Repairs and
Replacements (if applicable) + closing costs.
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Term means, unless terminated earlier according to Section 6 hereof, the period from the
date hereof until the earliest to occur of (i) the termination of the term of affordability set
forth in the Comprehensive Permit, (ii) the recording of an Eligible Purchaser Certificate
and a new Deed Rider executed by the Eligible Purchaser referenced in the Eligible
Purchaser Certificate, which new Deed Rider the Eligible Purchaser Certificate certifies
is in form and substance satisfactory to the Monitoring Agent and the Municipality, or
(iii) the conveyance of the Property to the Municipality or the Monitoring Agent and the
recording of a Municipal Purchaser Certificate or a Monitoring Agent Certificate, as
applicable, as set forth herein.
2. Owner-OccuQaney/Principal Residence. The Property shall be occupied
and used by the Grantee as his, her or their principal residence. Any use of the Property
or activity thereon which is inconsistent with the purpose of this Deed Rider is expressly
prohibited.
3. Restrictions Ajzainst Leasing and Junior Encumbrances. The Property
shall not be leased, refinanced, encumbered (voluntarily or otherwise) or mortgaged
without the prior written consent of the Monitoring Agent; provided, however, that this
provision shall not apply to a first mortgage granted in connection with this conveyance
or to any lien in favor of the Municipality or Monitoring Agent as permitted by the
Regulatory Agreement. Any rents, profits, or proceeds from any transaction described in
the last preceding sentence which transaction has not received the prior written consent of
the Monitoring Agent shall be recoverable by the Monitoring Agent or the Municipality,
together with all costs of collection, including attorneys fees, and shall be paid upon
recovery and payment of costs to the Municipality for deposit to its Affordable Housing
Fund.
4. ProyisiODS for Resale. (a) When the Grantee or any successor in title to
the Grantee shall desire to sell, dispose of or otherwise convey the Property, or any
portion thereof, the Grantee shall notify the Municipality and the Monitoring Agent in
writing of the Grantee's intention to so convey the Property (the "Conveyance Notice").
The Conveyance Notice shall set forth the Resale Price Multiplier and the Maximum
Resale Price of the Property. Such actual resale price to be determined by the
Monitoring Agent. Upon receipt of the Conveyance Notice, the Monitoring Agent shall
promptly begin locating an Eligible Purchaser. The Grantee shall fully cooperate with
the Monitoring Agent's efforts to locate an Eligible Purchaser and may be required by the
Monitoring Agent to hire a broker to assist the Monitoring Agent in locating an Eligible
Purchaser. The Eligible Purchaser located by the Monitoring Agent shall purchase the
Property at the lesser of the Maximum Resale Price or the fair market value of the
Property within ninety (90) days after the Monitoring Agent receives the Conveyance
Notice, or such further time as reasonably requested to arrange for details of closing or to
clear title as permitted by section 4(h) below. The Municipality and the Monitoring
Agent shall also have the right to purchase the Property at the lesser of the Maximum
Resale Price or the fair market value of the Property, in which event the purchase shall
occur within ninety (90) days after the Monitoring Agent receives the Conveyance
Notice, or such further time as reasonably requested to arrange for details of closing.
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GSDOGS-1282349-1
Any lack of cooperation by Grantee in resale efforts shall extend this period for the
length of the delay caused by such lack of cooperation, not to exceed an additional ninety
(90) days.
(b) The Monitoring Agent shall devote diligent marketing efforts to locate an
Eligible Purchaser ready, willing and able to purchase the Property at the Maximum
Resale Price within the time period provided in subsection (a) above. Diligent marketing
efforts shall include those efforts that are consistent with the Affirmative Fair Marketing
efforts required by the Developer by the Regulatory Agreement. If more than one
Eligible Purchaser is located through diligent marketing efforts of the Monitoring Agent,
it shall conduct a lottery or other like procedure to determine which Eligible Purchaser
shall be entitled to the conveyance of the Property. The procedure for locating and
selecting an Eligible Purchaser shall be approved as provided in the Regulatory
Agreement.
(c) If an Eligible Purchaser is selected to purchase the Property, or if the
Municipality or Monitoring Agent elects to purchase the Property, the Property shall be
conveyed by the Grantee to such Eligible Purchaser or to the Municipality or Monitoring
Agent as the case may be, by a good and sufficient quitclaim deed conveying a good and
clear record and marketable title to the Property free from all encumbrances except (i)
such taxes for the then current year as are not due and payable on the date of delivery of
the deed, (ii) any lien for municipal betterments assessed after the date of the Conveyance
Notice, (iii) provisions of local building and zoning laws, (iv) all easements, restrictions,
covenants and agreements of record specified in the deed from the Grantor to Grantee,
(v) such additional easements, restrictions, covenants and agreements of record as the
Eligible Purchaser or the Municipality or Monitoring Agent, as applicable, consents to,
such consent not to be unreasonably withheld or delayed, and (vi) a Deed Rider
satisfactory in form and substance to the Monitoring Agent which the Grantee hereby
agrees to annex to said deed.
(d) Said deed shall be delivered and the purchase price paid (the "Closinu") at the
Registry, or at the option of the Eligible Purchaser (or the Municipality or the Monitoring
Agent, if the Municipality or the Monitoring Agent is purchasing the Property), exercised
by written notice to the Grantee at least five (5) days prior to the delivery of the deed, at
such other place as the Eligible Purchaser (or the Municipality or the Monitoring Agent,
if the Municipality or the Monitoring Agent is purchasing the Property) may designate in
said notice. The Closing shall occur at such time and on such date as shall be specified in
a written notice from the Eligible Purchaser (or the Municipality or the Monitoring Agent
if the Municipality or the Monitoring Agent is purchasing the Property) to the Grantee,
which date shall be at least five (5) days after the date on which such notice is given, and
no later than the end of the time period specified in subsection (a) above.
(e) To enable Grantee to make conveyance as herein provided, Grantee may, if so
desired at the time of delivery of the deed, use the purchase money or any portion thereof
to clear the title of any or all encumbrances or interests, all instruments with respect
thereto to be recorded in accordance with customary conveyance practices. Nothing
GSDOCS-1282349-1
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contained herein as to the Grantee's obligation to remove defects in title or to make
conveyance or to deliver possession of the Property in accordance with the terms hereof,
as to use of proceeds to clear title or as to the election of the Eligible Purchaser, the
Municipality or the Monitoring Agent to take title, nor anything else in this Deed Rider
shall be deemed to waive, impair or otherwise affect the priority of the Municipality's
rights herein over matters appearing of record, or occurring, at any time after the
recording of this Deed Rider, all such matters so appearing or occurring being subject and
subordinate in all events to the Municipality's rights herein.
(f) Water and sewer charges and taxes for the then current tax period shall be
apportioned and fuel value shall be adjusted as of the date of Closing and the net amount
thereof shall be added to or deducted from, as the case may be, the purchase price
payable by the Eligible Purchaser or by the Municipality or Monitoring Agent.
(g) Full possession of the Property free from all occupants is to be delivered at the
time of the Closing, the Property to be then in the same condition as it is in on the date
hereof, reasonable wear and tear only excepted.
(h) If Grantee shall be unable to give title or to make conveyance as above
stipulated, or if any change of condition in the Property not included in the above
exception shall occur, then Grantee shall be given a reasonable time not to exceed thirty
(30) days after the date on which the Closing was to have occurred in which to remove
any defect in title or to restore the Property to the condition hereby provided for. The
Grantee shall use best efforts to remove any such defects in the title whether voluntary or
involuntary and to restore the Property to the extent permitted by insurance proceeds or
condemnation award. The Closing shall occur fifteen (15) days after notice by Grantee
that such defect has been cured or that the Property has been so restored. The Eligible
Purchaser (or the Municipality or the Monitoring Agent, if the Municipality or the
Monitoring Agent is purchasing the Property) shall have the election, at either the
original or any extended time for performance, to accept such title as the Grantee can
deliver to the Property in its then condition and to pay therefor the purchase price without
deduction, in which case the Grantee shall convey such title, except that in the event of
such conveyance in accordance with the provisions of this clause, if the Property shall
have been damaged by fire or casualty insured against or if a portion of the Property shall
have been taken by a public authority, then the Grantee shall, unless the Grantee has
previously restored the Property to its former condition, either:
(i) pay over or assign to the Eligible Purchaser or the Municipality or
the Monitoring Agent, on delivery of the deed, all amounts recovered or
recoverable on account of such insurance or condemnation award less any
amounts reasonable expended by the Grantee for the partial restoration, or
(ii) if a holder of a mortgage on the Property shall not permit the
insurance proceeds or the condemnation award or part thereof to be used
to restore the Property to its former condition or to be so paid over or
assigned, give to the Eligible Purchaser or to the Municipality or the
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Monitoring Agent a credit against the purchase price, on delivery of the
deed, equal to said amounts so retained by the holder of the said mortgage
less any amounts reasonably expended by the Grantee for any partial
restoration.
(i) If the Monitoring Agent is successful in locating an Eligible Purchaser within
ninety (90) days after receipt of the Conveyance Notice, but the Eligible Purchaser is
unable to secure mortgage financing so as to be able to complete the purchase of the
Property, the Monitoring Agent will have an additional sixty (60) days from the date of
written notification from the first Eligible Purchaser that he/she/they are unable to
complete the purchase, to find another Eligible Purchaser to purchase the Property. If the
Monitoring Agent fails to locate an Eligible Purchaser who purchases the Property within
ninety (90) days (with any requested additional time for closing details) after receipt of
the Conveyance Notice (or within the sixty (60)-day period allowed under the previous
sentence), and the Municipality or the Monitoring Agent does not purchase the Property
during said period, then no later than six (6) months following expiration of such period,
the Grantee may convey the Property to any third party at no more than the Maximum
Resale Price and subject to the Deed Rider.
0) The Grantee understands and agrees that nothing in this Deed Rider or the
Regulatory Agreement in any way constitutes a promise or guarantee by MassHousing,
the Municipality or the Monitoring Agent that the Grantee shall actually receive the
Maximum Resale Price for the Property or any other price for the Property.
(k) In the event that the Monitoring Agent shall fail to locate an Eligible
Purchaser within a reasonable time specified in paragraph (d) and if the Municipality or
the Monitoring Agent shall not have elected to purchase the Property, and in the event
that within the following six (6) months the Grantee shall be unable to sell the Property at
a price not greater than the Maximum Resale Price, the Grantee shall notify the
Monitoring Agent in the same manner as set forth under Section 4(a) above, and the
Monitoring Agent shall have a new ninety (90) day period to locate an Eligible Purchaser
to purchase the Property.
5. Resale and Transfer Restrictions. Except as otherwise provided herein,
the Property or any interest therein shall not at any time be sold by the Grantee, the
Grantee's successors and assigns, and no attempted sale shall be valid, unless:
(a) the aggregate value of all consideration and payments of every kind given or
paid by the Eligible Purchaser (as located and defined in accordance with Section 4
above) or the Municipality, to the grantee for and in connection with the transfer of such
Property, is equal to or less than the Maximum Resale Price for the Property, and (i) if
the Property is conveyed to an Eligible Purchaser, unless a certificate (the "Eligible
Purchaser Certificate") is obtained and recorded, signed and acknowledged by the
Monitoring Agent which Eligible Purchaser Certificate refers to the Property, the
Grantee, the Eligible Purchaser thereof, and the Maximum Resale Price therefor, and
states that the proposed conveyance, sale or transfer of the Property to the Eligible
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GSDOCS-1282349-1
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Purchaser is in compliance with the rights, restrictions, covenants and agreements
contained in this Deed Rider, and unless there is also recorded a new Deed Rider
executed by the Eligible Purchaser, which new Deed Rider is substantially in the same
form as this Deed Rider; or (ii) if the Property is conveyed to the Municipality or the
Monitoring Agent unless a Certificate (the "Municipal Purchaser Certificate" or the
"Monitoring Agent Certificate" as the case may be) is obtained and recorded, signed and
acknowledged by the Monitoring Agent, which Municipal Purchaser Certificate or the
Monitoring Agent Certificate refers to the Property, the Grantee, the Municipality or the
Monitoring Agent, as applicable, and the Maximum Resale Price for the Property and
states that the proposed conveyance, sale or transfer of the Property to the Municipality
or the Monitoring Agent is in compliance with the rights, restrictions, covenants and
agreements contained in this Deed Rider, and unless there is also recorded a new Deed
Rider executed by the Municipality or the Monitoring Agent, which new Deed Rider is
substantially in the same form as this Deed Rider; or
(b) Any good faith purchaser of the Property, any lender or other party taking a
security interest in such Property and any other third party may rely upon an Eligible
Purchaser Certificate, a Municipal Purchaser Certificate or a Monitoring Agent
Certificate referring to the Property as conclusive evidence of the matters stated therein
and may record such Certificate in connection with conveyance of the Property, provided,
in the case of an Eligible Purchaser Certificate, a Municipal Purchaser Certificate or the
consideration recited in the deed or other instrument conveying the Property upon such
resale shall not be greater than the consideration stated in the Eligible Purchaser
Certificate, the Municipal Purchaser Certificate or a Monitoring Agent Certificate, as the
case may be.
(c) Within ten (10) days of the closing of the conveyance of the Property from
Grantor to Grantee, the Grantee shall deliver to the Monitoring Agent a copy of the Deed
of the Property, together with recording information. Failure of the Grantee, or Grantee's
successors or assigns to comply with the preceding sentence shall not affect the validity
of such conveyance,
6. Rights of Mort ag�gees. (a) Notwithstanding anything herein to the
contrary, but subject to the next succeeding paragraph hereof, if the holder of record
(other than the Grantor or any person related to the Grantor by blood, adoption, or
marriage, or any entity in which the Grantor has a financial interest (any of the foregoing,
a "Related Part ")) of a first mortgage granted to a state or national bank, state or federal
savings and loan association, cooperative bank, mortgage company, trust company,
insurance company or other institutional lender or its successors or assigns (other than a
Related Party) shall acquire the Property by reason of foreclosure or similar remedial
action under the provisions of such mortgage or upon conveyance of the Property in lieu
of foreclosure, provided that the holder of such mortgage has given. the Monitoring Agent
not less than seventy-five (75) days prior written notice of its intention to foreclose upon
its mortgage or to accept a conveyance of the Property in lieu of foreclosure (and that
such holder considers increasing such seventy-five (75) day period by an additional thirty
(30) days) then the rights and restrictions contained herein shall not apply to such holder
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GSDOCS-1282349-1
, A- f �..._�. ty .«z , z.
upon such acquisition of the Property, any purchaser (other than a Related Party) of the
Property at a foreclosure sale conducted by such holder, or any purchaser (other than a
Related Party) of the Property from such holder, and such Property shall thereupon and
thereafter be free from all such rights and restrictions. In the event that MassHousing
shall ever modify its policies so as not to require such a result, this provision shall then
and thereafter be deemed void and of no force or effect.
(b) In the event such holder conducts a foreclosure or other proceeding
enforcing its rights under such mortgage and the Property is sold for a price in excess of
the greater of (i) the sum of the outstanding principal balance of the note secured by such
mortgage plus all future advances, accrued interest and all reasonable costs and expenses
which the holder is entitled to recover pursuant to the terms of the mortgage and (ii) the
Maximum Resale Price applicable on the date of the sale, such excess shall be paid to the
Municipality for its Affordable Housing Fund in consideration of the loss of the Property
as affordable housing (provided, that in the event that such excess shall be so paid to the
Municipality by such holder, the Municipality shall thereafter indemnify such holder
against loss or damage to such holder resulting from any claim made by the mortgagor of
such mortgage to the extent that such claim is based upon payment of such excess by
such holder to the Municipality in accordance herewith, provided that such holder shall
give the Monitoring Agent and the Municipality prompt notice of any such claim and
shall not object to intervention by the Municipality in any proceeding relating thereto.)
To the extent the Grantee possesses any interest in any amount which would otherwise be
payable to the Municipality under this paragraph, to the fullest extent permissible by law,
the Grantee hereby assigns its interest in such amount to said holder for payment to the
Municipality and releases the Municipality from any and all claims in connection
therewith.
(c) A holder of a mortgage shall notify the Monitoring Agent in the event of any
default for which the lender intends to commence foreclosure proceedings, which notice
shall be sent to the Monitoring Agent and the Municipality as set forth in this Deed Rider.
No failure to notify the Monitoring Agent pursuant to the previous sentence shall impair
the validity of a foreclosure.
(d) If any person who was a Related Party prior to any foreclosure acquires an
interest in the Property after foreclosure, then all covenants and options contained herein
shall apply to all subsequent occupancy and sale of the Property and the release
provisions of section 5(a) shall be deemed inoperable and of no force or effect.
(e) A certificate signed under penalties of perjury by a purchaser at a foreclosure
sale (or any subsequent purchaser) certifying that such purchaser is not a Related Party
shall, if recorded with the Registry, be conclusive evidence in favor of any subsequent
good faith purchaser that such purchaser is not a Related Party but such affidavit shall not
bar any action by the Municipality or Monitoring Agent seeking in good faith to disprove
the averments of the affidavit.
7. Covenants to Run With the Proert . (a) It is intended and agreed that all
of the agreements, covenants, rights and restrictions set forth herein shall be deemed to be
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GSDOCS-1282349-1
n� c.iU12U ry a-21 W-L.* 1 'st
covenants running with the Property and shall be binding upon and enforceable against
the Grantee, the Grantee's successors and assigns and any party holding title to the
Property, for the benefit of and enforceable by the Municipality and the Monitoring
Agent, their successors and assigns, during the Term of this Deed Rider.
(b) This Deed Rider and all of the agreements, restrictions, rights and covenants
contained herein shall be deemed to be an affordable housing restriction as that term is
defined in Section 31 of Chapter 184 of the Massachusetts General Laws.
(c) The Grantee intends, declares and covenants on behalf of Grantee and
Grantee's successors and assigns (i) that this Deed Rider and the covenants, agreements,
rights and restrictions contained herein shall be and are covenants running with the land,
encumbering the Property for the Term, and are binding upon the Grantee's successors in
title, (ii) are not merely personal covenants of the Grantee, and (iii) shall bind the
Grantee, and Grantee's successors and assigns and enure to the benefit of the
Municipality and the Monitoring Agent, and their successors and assigns, for the Term.
Grantee hereby agrees that any and all requirements of the laws of the Commonwealth of
Massachusetts to be satisfied in order for the provisions of this Deed Rider to constitute
restrictions and covenants running with the land shall be deemed to be satisfied in full
and that any requirements of privity of estate are also deemed to be satisfied in full.
(d) Without limitation on any other rights or remedies of the Grantor, the
Municipality, and the Monitoring Agent, their successors and assigns, any sale or other
transfer or conveyance of the Property in violation of the provisions of this Deed Rider,
shall, to the maximum extent permitted by law, be voidable by the Municipality, and the
Monitoring Agent, their successors and assigns, by an action to enforce such rights,
restrictions, covenants, and agreements.
8. Notice. Any notices, demands or requests that may be given under this
Deed Rider shall be sufficiently served if given in writing and delivered by hand or
mailed by certified or registered mail, postage prepaid, return receipt requested, to the
parties hereto at the addresses set forth below, or such other addresses as may be
specified by any party (or its successor) by such notice.
Munici alit . Town of Yarmouth
Yarmouth Town Hall
Municipal Building
South Yarmouth, MA 02664
Attention: Director of Planning and Town Manager
Grantor: The Villages at Camp Street
1600 Falmouth Road, Suite 25
Centerville, MA 02632
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GSD005-1282349-1
Grantee:
Monitoring Aft: Housing Assistance Corporation of Cape Cod
460 West Main Street
Hyannis, MA 02601
Attention: Executive Director
Any such notice, demand or request shall be deemed to have been given on the day it is
hand delivered or mailed.
9. Further Assurances. The Grantee agrees from time to time, as may be
reasonably required by the Monitoring Agent, to furnish the Monitoring Agent with a
written statement, signed and, if requested, acknowledged, setting forth the condition and
occupancy of the Property, information concerning the resale of the Property and all other
material information pertaining to the Property or the Grantee's conformance with the
requirements of the Comprehensive Permit and the Program.
10. Enforcement. (a) The rights hereby granted shall include the right of the
Municipality and the Monitoring Agent to enforce this Deed Rider independently by
appropriate legal proceedings and to obtain injunctive and other appropriate relief against
any violations including without limitation relief requiring restoration of the Property to
its condition prior to any such violation (it being agreed that there shall be no adequate
remedy at law for such violation), and shall be in addition to, and not in limitation of, any
other rights and remedies available to the Municipality and the Monitoring Agent.
(b) Without limitation of any other rights or remedies of the Municipality and
the Monitoring Agent, or their successors and assigns, in the event of any sale,
conveyance or other transfer or occupancy of the Property in violation of the provisions
of this Deed Rider, the Municipality shall be entitled to the following remedies, which
shall be cumulative and not mutually exclusive:
(i) specific performance of the provisions of this Deed Rider;
(ii) money damages for charges in excess of the Maximum Resale
Price, if applicable;
(iii) if the violation is a sale of the Property at a price greater than the
Maximum Resale Price as provided herein, the Monitoring Agent and the
Municipality shall have the option to locate an Eligible Purchaser or
purchase the Property on the terms and conditions provided herein; the
purchase price shall be a price which complies with the provisions of this
Deed Rider;
(iv) the right to void any contract for sale or any sale, conveyance or
other transfer of the Property in violation of the provisions of this Deed
Rider in the absence of a Certificate of Compliance, by an action in equity
GSDOGS-1282349-1
J7JL L 1 V 'Y V r y .7 -1 :y 'r 1'Y ! -2 L
to enforce this Deed Rider and to appoint or have appointed a
Commissioner to reconvey the Property, and
(v) money damages for the cost of creating or obtaining a comparable
dwelling unit for an Eligible Purchasers.
(c) In addition to the foregoing, in the event of a violation of the provisions of
this Deed Rider, the Monitoring Agent and the Municipality may take appropriate
enforcement action against the Grantee or the Grantee's successors in title, including,
without limitation, legal action to compel the Grantee to comply with the requirements of
this Deed Rider. The Grantee hereby agrees to pay all fees and expenses (including legal
fees) of the Monitoring Agent and/or the Municipality in the event successful
enforcement action is taken against the Grantee hereunder. The Grantee hereby grants to
the Monitoring Agent and the Municipality a lien on the Property, junior to the lien of
any institutional holder of a first mortgage on the Property, to secure payment of such
fees and expenses in any successful enforcement action. The Monitoring Agent and the
Municipality shall be entitled to seek recovery of fees and expenses incurred in a
successful enforcement action of this Deed Rider against the Grantee and to assert a lien
on the Property to secure payment by the Grantee of such fees and expenses.
Notwithstanding anything herein to the contrary, in the event that the Monitoring Agent
and/or Municipality fails to enforce this Deed Rider as provided in this Section, the
Department of Housing and Community and Development, its successors and assigns,
shall have the same right to enforce this Deed Rider as provided herein.
(d) The Grantee for himself, herself or themselves and his, her or their
successors and assigns, hereby grants to the Monitoring Agent and the Municipality the
right to enter upon the Property for the purpose of enforcing the restrictions herein
contained, or of taking all actions with respect to the Property which the Monitoring
Agent may determine to be necessary or appropriate pursuant to court order, or with the
consent of the Grantee to prevent, remedy or abate any violation of this Deed Rider.
11. Monitoring Agent Services, Fees. The Monitoring Agent has been
engaged to monitor compliance of the Project with ongoing requirements of the
Comprehensive Permit and this Deed Rider, including the requirement that the Property
be sold and resold to Eligible Purchasers (or to the Municipality or Monitoring Agent) as
provided therein. As partial compensation for providing these services, the Monitoring
Agent shall receive the Resale Fee on the sale of the Property to an Eligible Purchaser or
any other purchaser in accordance with the terms of this Deed Rider. This fee shall be
paid by the Grantee at the time of Closing, and payment of the fee of the Monitoring
Agent shall be a condition to delivery and recording of its certificate, failing which the
Monitoring Agent shall have a lien arising automatically and immediately prior to the
time of delivery of the deed which shall secure a claim against the new purchaser and
persons claiming under the new purchaser for which the Monitoring Agent may bring an
action and may seek an attachment against the Property. Such lien shall expire if no
attachment has been recorded within thirty (30) days after delivery of the deed.
IEF:11
GSDOCS-1282349-1
iy ✓✓M 1f iZ FZ&
12. Severability. If any provisions hereof or the application thereof to any
person or circumstance shall come, to any extent, to be invalid or unenforceable, the
remainder hereof, or the application of such provision to the persons or circumstances
other than those as to which it is held invalid or unenforceable, shall not be affected
thereby, and each provision hereof shall be valid and enforced to the fullest extent
permitted by law.
Executed as a sealed instrument this day of 2007
Gra r- Villa s C Str t LLC
By } i
Michael A. Valeri Jr.
Grantee:
.19_
GSDOCS-1282349-1
i=JJt L. _L U 12 V
tl� JJl WZ'21.2.4
COMMONWEALTH OF MASSACHUSETTS
County of Barnstable_, ss
January 3, 2007
Then personally appeared the above -named Michael A. Valerio, Jr., Grantor, proven to
me through satisfactory identification a Drivers License to be the person who executed
the attached document and acknowledged the foregoing inent to be the free act and
sm
deed of said Corporation, before me. y n A ,
Notary Public
ML come �
Notary Public
Commonwealth of Massachusetts
My February �12, 2010
ion plrae
COMMONWEALTH OF MASSACHUSETTS
County of Fu"N'51P r, , ss
1+aRCH \ q , 2007
_
Then personally appeared the above-named-4*4% 15. ` NLv6 , Grantee(s), proven to me
through satisfactory identification Drivers License to be the person who executed the
attached document and acknowledged the foregoing instrument to be his/her/their free act
and deed, before me.
STEPHAN DANIELCAHILL
Notary Public
Commonwealth of Massachusetts
My Commission Expires
September 1, 2011
-20-
GS ROCS-12=48-1
�_ a �1�. �
Notary Public
My commission expires:
t!�;7e cot.,
�Iecf�etar�rt 0
`" Stag � '00&A 02933
William Francis Calvin
secretary of the
Commonwealth
March 8, 2007
TO WHOM IT MAY CONCERN:
I hereby certify that a certificate of organization of a Limited Liability Company was
filed in this office by
THE VILLAGES AT CAMP STREET LLC
in accordance with the provisions of Massachusetts General Laws Chapter 156C on May 25,
2000.
I further certify that said Limited Liability Company has filed all annual reports due and
paid all fees with respect to such reports; that said Limited Liability Company has not filed a
certificate of cancellation or withdrawal; and that, said Limited Liability Company is in good
standing with this office.
I also certify that the names of all managers listed in the most recent filing are:
MICHAEL VALERIO
I further certify, the names of all persons authorized to execute documents filed with this
office and listed in the most recent filing are: MICHAEL VALERIO, JOHN R. LAUNIE JR.
The names of all persons authorized to act with respect to real property listed in the most
recent filing are: MICHAEL VALERIO
In testimony of which,
I have hereunto affixed the
Great Seal of the Commonwealth
on the date first above written.
Secretary of the Commonwealth
Processed By:jb
0 BARNSTABLE REGISTRY OF DEEDS
TO:
TOWN OF YA R M O U T H DEPARTMENT
OC
1 146 ROUTE 28 SOUTH YARMOUTH MASSACHUSETTS 02604-4451 COMMUNITY
Telephnne (508) 398-2231, Ext. 1275 - Fax (508) 398.2305 DEVCLC)RMENT
ofjset 1. I �
Erik Tolley, Chairman k �N�
Board of Selectmen
FROM: Karen M. Greene, Director
SUBJECT: Mill Pond Village Affordable Rental Request
Unit 89, 121 Camp Street
DATE: November 16, 2012
CC: Greg Watson, MassHousing Finance
Karen Davis, Housing Assistance Corporation
Mary Ann Gray, Chairman, Community Housing Committee
Steve DeYoung, Chairman, Board of Appeals
"' ;,,tf II IJIN
Nov i 6
20,
This Department has been in contact with Inna Ivers, owner of an affordable unit at Mill
Pond Village. For the past two years, Ms. Ivers has been trying to sell her affordable
unit. She has recently moved due to a change in employment. Her efforts to sell have
been unsuccessful and, in order to avoid foreclosure, she would like to rent her property.
In order to move forward, your approval as well as that of the subsidizing agency (in this
case, Mass Housing Finance Agency) is required. We respectfully recommend that you
approve the rental of Unit 89, 121 Camp Street, West Yarmouth for up to 24 months to
an income eligible tenant at an affordable rent. This Department will continue to monitor
the situation to ensure the unit stays in compliance with the Town's and the state's
affordable housing program.
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