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Article 26: CPC request Sudbury Housing Trust

Article 26: CPC request Sudbury Housing Trust. Article 26 – CPC, Sudbury Housing Trust. This an outcome of last year’s Town Meeting The Trust was approved at last year TM Authorized under MGL c. 44, s. 55c. Article 26 – CPC, Sudbury Housing Trust.

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Article 26: CPC request Sudbury Housing Trust

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  1. Article 26: CPC request Sudbury Housing Trust

  2. Article 26 – CPC, Sudbury Housing Trust This an outcome of last year’s Town Meeting • The Trust was approved at last year TM • Authorized under MGL c. 44, s. 55c 2007 Town Meeting - Article 26

  3. Article 26 – CPC, Sudbury Housing Trust This article requests transfer of CPA funds to the Sudbury Housing Trust • CPA regulation requires 10% to be reserved annually for community housing • Recognizing the need to act quickly • Preserve ‘Tear-Down’ homes • Promote and provide homeownership opportunities 2007 Town Meeting - Article 26

  4. Article 26 – CPC, Sudbury Housing Trust The money would be used exclusively for community housing • Targeting 70% to 100% of area median income • $66,000 to $82,000 for a family of four The funds would be used for small projects • 1 to 2 homes in scattered sites • Larger projects that require more money would be subject to TM approval 2007 Town Meeting - Article 26

  5. Article 26 – CPC, Sudbury Housing Trust The Trust has a balanced set of powers • Administered by a Board of six Trustees • Real estate transactions require Board of Selectmen approval • Operates under existing Municipal Laws • For example, Open Meeting, Borrowing and Procurement 2007 Town Meeting - Article 26

  6. Thank You 2007 Town Meeting - Article 26

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