[yrhcworking] Maine Housing Grant - New Homes on Town owned lands??

[mlongreene2 at aol.com]

To:  Year Round Housing Corp. Members

Update on Maine Housing Grant;
Beach Ave. House;
New Housing Proposal;
Year Round Housing Corp. Meeting
 
            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.   
            On Monday, June 7 we held a conference call meeting with Liza Flemming-Ives of Genesis to see how we might proceed.   The bottom line is that any foreclosed property is a difficult long shot.  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.  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 House property is at least temporarily withdrawn from foreclosure and according to the owner is not for sale at this time at any price.   In addition, the “green standards” that would be necessary to develop such a property might make saving the structure not practical no matter how little you paid for it.
            Moving on to other possibilities,  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 “multi-family, rental” provision of this grant.  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.  Additionally, these homes can be occupied by eligible tenants on a long term “rent to own” basis.    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.
            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.    Mary Terry is working on a similar project on Peaks at this time.  She will be glad to attend a YRHCorp informational meeting in the near future to discuss this potential project further.  
            Please let me know ASAP what you would like to know more specifically about this, what your interest in this, and if sufficient interest – what is the best time to call a meeting.    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.  I need some feedback from all of you to proceed.    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. 

Mark Greene
766 4440  
 
 
            
 
 



 
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