In just under 30 minutes, the Municipal Affordable Housing Trust voted on Wednesday noon to authorize the town to acquire the property at 23 Winterberry Way. Earlier, at their Sept. 12 meeting, the Select Board affirmed that it is worth preserving this unit and recommended its purchase by the Trust. Click this link to read about the Select Board’s decision. As a standalone three-bedroom home with a garage, it is a valued property in the town’s affordable housing inventory.
Town Manager Sarah Stanton said the Trust currently has more than $1,000,000 in its coffers for purposes such as this. In this instance, as in previous purchases (“Coast Guard Housing,” now Pine Hill Crossing), the Trust acts as the agent for the town.
Liz Rust, Regional Housing Services Office, the agency which oversees affordable properties in Bedford, gave a brief description of the property. It is in need of substantial renovation, with costs estimated at roughly $150,000, before it can be offered to another buyer. The appraised price is $675,000. In its present condition, it cannot be sold “as is” to an eligible buyer. Under the proposal being discussed, the town would buy the property at the discounted price of $271,350. Renovation costs would bring the total up to ~$500,000. The sale price to an eligible buyer would be $300,000, i.e., the net cost to the town would be $200,000, which would be returned to the Trust.
The Trust members took three votes; all passed unanimously.
- First vote: that the Municipal Affordable Housing Trust exercise the right of first refusal to acquire the property at 23 Winterberry Way and to notify the Department of Housing and Community Development (DHCD) of that action. (The town has 30 days to exercise this right and the clock is running down. The seller has extended this and it expires at the end of September.)
- Second vote: that the Trust accept the assignment of the right of first refusal.
- Third vote: that the Trust delegate the negotiation of the purchase and sale to the Town Manager.
Following the votes, Stanton requested that the Trust schedule a meeting for Wednesday, Sept. 28 at noon to advertise the determination of uniqueness and finalize the last steps to acquire the property. She explained that the “determination of uniqueness” is a formality and must be posted in a public meeting.
Once the Trust acquires the property and the home is cleaned out, Trust members will be able to evaluate what the options are for rehabbing the home. One suggestion was to work with Habitat for Humanity on the renovation but this will be the subject of future Trust meetings.
Note: the Municipal Affordable Housing Trust currently has a vacancy for an At Large member. If you are interested, please contact the Volunteer Coordinating Committee.
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