Norfolk MAHT Susan Jacobson, Affordable Housing Director Trust - - PowerPoint PPT Presentation

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Sep 25, 2022 35 likes •106 views

Norfolk MAHT Susan Jacobson, Affordable Housing Director Trust Overview Founded in Founded in Hired in 2010 Hired in 2010 2006 2006 7 trustees 7 trustees Trust Income Friendly 40B townhouse payments Inclusionary Zoning off site

SLIDE 1

Norfolk MAHT

Susan Jacobson, Affordable Housing Director

SLIDE 2

Trust Overview

Founded in 2006 Founded in 2006 Hired in 2010 Hired in 2010 7 trustees 7 trustees

SLIDE 3

Trust Income

“Friendly” 40B townhouse payments Inclusionary Zoning off site development proceeds CPA allocations

SLIDE 4

Primary Program Small Scale Homeownership

17 homes 17 homes

$300k range $300k range 3/year 3/year All on SHI All on SHI

Sold for $155k in 2015 Sold for $140k in 2014

SLIDE 5

Lessons Learned

Central Register

Advertise

all RFPs and sales Repair costs

contingency (40b: 10% rehab) Time frame

Assume it

will take longer than you think Holding costs

Winter is

expensive

Lottery

together

SLIDE 6

Looking Ahead

Cost of housing

Rising above $300k range Require higher subsidy Only 2 homes per year?

SLIDE 7

Questions?

Susan Jacobson

Affordable Housing Director, MAHT Town of Norfolk sjacobson@norfolk.ma.us ● 508‐440‐2812 phone