Ayer and Shirley Collaborate on Affordable Housing Initiative at Devons Crest

The Ayer-Shirley Regional School Committee recently focused on significant affordable housing developments, particularly the Devons Crest project. This initiative, spearheaded by the Deon Crest Tennis Association (DCTA) in collaboration with development partners Shocket Companies and Brady Sullivan, aims to secure and maintain affordable housing units in the Devons Crest neighborhood.

22:29A key highlight of the meeting was the presentation by representatives of the DCTA, who have been striving for nearly four years to secure site control over the Devons Crest neighborhood. A comprehensive purchase and sale agreement was achieved in March, a critical step towards preserving up to 35 initially affordable units, with an eventual goal of maintaining affordability across all 114 units. The agreement, crafted alongside development partners Shocket Companies and Brady Sullivan, includes rigorous due diligence provisions to ensure the project’s viability.

15:08The presentation detailed the challenges faced by the DCTA, particularly the risk of displacement due to rising rents as developers target properties like Devons Crest, originally constructed in the 1940s for military families. In response, tenants formed the DCTA to advocate for their interests, eventually partnering with Shocket Companies to negotiate a credible purchase proposal. This partnership was seen as crucial for managing the property effectively and preserving affordable housing.

46:24The project’s financial structure includes a $250,000 grant from Senator Jamie Eldridge, with additional financial support from the state anticipated to exceed $10 million. The town has been asked to contribute $5,000 per unit, totaling approximately $570,000, which is essential for unlocking state subsidies. Discussions are ongoing regarding the source of this funding, whether through the affordable housing trust or community preservation committee.

36:43A focus of the meeting was the intricacies of ensuring that current residents would not be displaced due to income changes, with plans to maintain occupancy restrictions based on income levels. The management of the renovated units was also discussed, with a commitment to adhere to state regulations and ensure public expectations are managed.

28:56In terms of project logistics, the property consists of 37 buildings, most housing two units, providing a rural setting with good access to local roads. The project aims to complete extensive due diligence by May 18, including environmental assessments and financial viability checks, with a closing anticipated around September 30.

31:42The dialogue revealed complexities in balancing affordable rents with market conditions, particularly in the context of the Cambridge area, where market rents are higher. The project plans to leverage federal funding through programs like Section 8 or the Massachusetts Rental Voucher Program to provide additional resources.

01:18:06The meeting also addressed the potential for a Tax Increment Financing (TIF) agreement, which would stabilize the current tax rate for the property to ensure financial viability. The board of selectmen will be approached for approval, highlighting the procedural complexities involved.

49:58Additionally, the Ayer Rental Assistance Program (ARAP) was a focal point, with updates provided on the number of families receiving assistance and discussions around extending aid for those needing continued support. The conversation emphasized the necessity of proactive planning to secure resources for the program’s continuation.

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