Pearl Street Affordable Housing

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Pearl Street

Location:

61 Pearl Street, Newton Corner, MA 02458

Goals:

Create 3 units of permanently affordable rental housing, each with 2 bedrooms, for households at up to 60 percent of area-wide median income, in a building that dates to approximately 1870. The first-floor unit is fully accessible.

Funding:

$665,500	CPA funds (community housing)
$190,684	CDBG (Community Development Block Grant federal funds, incl. de-leading)
$289,316	HOME (federal funds)
$175,000	Private bank acquisition loan (final mortgage after reduction by federal & CPA funds)
$50,000	foundation grants
$1,370,500	Total Project Cost

Contact:

Jennifer Van Campen, Executive Director
Citizens for Affordable Housing Development in Newton Organization (CAN-DO)
79-B Chapel Street
Nonantum, MA 02458
jvc@metrowestcd.org
617-923-3505

Proposal Review & Appropriations:

15 October 2010 - Proposal & financial information (incl. project development & operating budgets, financing commitments, sponsor mission statement & annual budget), plus:
- Proposal attachments (incl. community need & outreach, option to purchase, site & floor plans, fair housing & accessibility)
- Property photos from real estate website
- Sponsor's 2009 audited financial statement
- Sponsor's mission & past projects
Later updates & additions to original proposal:
- 14 October 2010 - Home inspector's report (large document, may load slowly)
- 5 November 2010 - Purchase & sale agreement (large document, may load slowly)
- November 2010 - Bank appraisal (large document, may load slowly)
- 1 December 2010 - Community support petition
- 6 December 2010 - Sponsor's organizational finances (regular quarterly report to Newton Planning & Development Board)
- 27 December 2010 - Revised development & operating budgets and independent appraisal required for federal funding (large document, may load slowly)
- 28 December 2010 - Scope of work for proposed construction, highlighting "green" elements
- January 2011 - Deed (confirming ownership by CAN-DO)
15 December 2010 - Public hearing presentation, including: photos, updated site & floor plans and budget summaries (large file, may load slowly)
- Comments & evaluations:
  - December 2010 - Newton Housing Partnership recommendation
  - 29 December 2010 - Independent project budget analysis required for federal funding
  - 7 January 2011 - City of Newton Housing Staff memo
15 February 2011 - CPC funding recommendation
- 4 March 2011 - Table comparing recent affordable housing projects in Newton (current as of this date, but periodically updated or corrected)
2 May 2011 - Board order (appropriation of funds)

Project News:

May 2011 - Mortgage & note (held by the City to secure CPA funding)
16 August 2011 - Grant agreement, with affordable housing restriction
December 2011 - February 2012 Contracting & Permitting:
- December 2011 - Architectural drawings: elevations & detail and floor plans
- 23-27 December 2011 - Construction contract, with attachments (updated architect's summary, scope of work, accepted contractor proposal)
- 9 February 2012 - Building permit, with updated scope of work
August 2012 - Project photos (this large file may load slowly)
11 October 2012 - Final project report to Community Preservation Committee