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<div style="MARGIN: 0in 0in 0pt" class=MsoNormal><FONT size=3 face="Times New Roman">Update on Maine Housing Grant;</FONT></div>
<div style="MARGIN: 0in 0in 0pt" class=MsoNormal><FONT size=3 face="Times New Roman">Beach Ave. House;</FONT></div>
<div style="MARGIN: 0in 0in 0pt" class=MsoNormal><FONT size=3 face="Times New Roman"><STRONG><U>New Housing Proposal;</U></STRONG></FONT></div>
<div style="MARGIN: 0in 0in 0pt" class=MsoNormal><FONT size=3 face="Times New Roman">Year Round Housing Corp. Meeting</FONT></div>
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<div style="MARGIN: 0in 0in 0pt" class=MsoNormal><FONT size=3><FONT face="Times New Roman"><SPAN style="mso-tab-count: 1"> </SPAN>As reported earlier, Mary McAleney, Mary Terry, and myself have been exploring ways that we might consider use of the Maine Housing rental properties grant to the benefit of Long Island.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></FONT></div>
<div style="MARGIN: 0in 0in 0pt" class=MsoNormal><FONT size=3><FONT face="Times New Roman"><SPAN style="mso-tab-count: 1"> </SPAN>On Monday, June 7 we held a conference call meeting with Liza Flemming-Ives of Genesis to see how we might proceed.<SPAN style="mso-spacerun: yes"> </SPAN>The bottom line is that any foreclosed property is a difficult long shot.<SPAN style="mso-spacerun: yes"> </SPAN>Maine Housing cannot put up money unless the project is fully defined, which is kind of hard to do if you do not have the money to bid on it in the first place.<SPAN style="mso-spacerun: yes"> </SPAN>More immediate is that the Beach Ave. House property is at least temporarily withdrawn from foreclosure and according to the owner is not for sale at this time at any price.<SPAN style="mso-spacerun: yes"> </SPAN>In addition, the \u201cgreen standards\u201d that would be necessary to develop such a property might make saving the structure not practical no matter how little you paid for it.</FONT></FONT></div>
<div style="MARGIN: 0in 0in 0pt" class=MsoNormal><FONT size=3><FONT face="Times New Roman"><SPAN style="mso-tab-count: 1"> </SPAN>Moving on to other possibilities,<SPAN style="mso-spacerun: yes"> </SPAN>this grant of up to $400,000 per island project can be used to build two or more new structures on separate lots that will count as the \u201cmulti-family, rental\u201d provision of this grant.<SPAN style="mso-spacerun: yes"> </SPAN>Additionally, the Town-owned land in our YRHCorp Program can be used to build these single family homes and can be used as our match part of the program.<SPAN style="mso-spacerun: yes"> </SPAN><U>Additionally, these homes can be occupied by eligible tenants on a<SPAN style="mso-spacerun: yes"> </SPAN>long term \u201crent to own\u201d basis.</U> If you read this right it means you could live in a new home at modest rent on no cost Town land (except the lease payment which are the taxes) that would in the future be owned by you at least in part from your rental payments.</FONT></FONT></div>
<div style="MARGIN: 0in 0in 0pt" class=MsoNormal><FONT size=3><FONT face="Times New Roman"><SPAN style="mso-tab-count: 1"> </SPAN>I think this could be a once in a lifetime opportunity to gain home ownership in a most economical way and/or increase our dedicated year round rental stock with modern energy efficient homes. <SPAN style="mso-spacerun: yes"> </SPAN>Mary Terry is working on a similar project on Peaks at this time.<SPAN style="mso-spacerun: yes"> </SPAN>She will be glad to attend a YRHCorp informational meeting in the near future to discuss this potential project further.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></FONT></div>
<div style="MARGIN: 0in 0in 0pt" class=MsoNormal><FONT size=3><FONT face="Times New Roman"> Please let me know ASAP what you would like to know more specifically about this, what your interest in this, and if sufficient interest \u2013 what is the best time to call a meeting.<SPAN style="mso-spacerun: yes"> </SPAN>I know this is a busy time, but time is of importance if we are going to get our foot in the door on this.<SPAN style="mso-spacerun: yes"> I need some feedback from all of you to proceed. </SPAN>Please spread the word to others who may not be on our YRHCorp e-mail list as this also has future value to some of our younger residents who may not be thinking as yet about home ownership.<SPAN style="mso-spacerun: yes"> </SPAN></FONT></FONT></div>
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<div style="MARGIN: 0in 0in 0pt" class=MsoNormal><FONT size=3><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">Mark Greene</SPAN></FONT></FONT></div>
<div style="MARGIN: 0in 0in 0pt" class=MsoNormal><FONT size=3><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">766 4440 </SPAN><SPAN style="mso-spacerun: yes"> </SPAN></FONT></FONT></div>
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