We often hear about Community Preservation Act (CPA) funds being used to create housing plans or to create affordable units but we don't as often hear about CPA being used to preserve existing affordable housing. Reported by Ed Baker on Wicked Local Weymouth on December 7th is an example of a project in Weymouth that is using CPA funds along with multiple other funding sources to preserve an expiring use restriction: Tammy Brook dwellers in Weymouth have new owner.
According to the article, this project will preserve 65 units of affordable housing in an existing 90-unit apartment complex. As described in the article:
Mayor Susan Kay and the town council gave Beacon an assist by approving in late June a $150,000 loan to the firm to upgrade the aging amenities under the state Community Preservation Act.
The council voted 10-1 to approve the funding on the condition that Beacon secured financing to purchase the site. Beacon must repay the loan over a 40-year period with a five percent interest rate that was set by the state Department of Community and Housing Development.
Another interesting point that the article makes is the magnitude of housing in Massachusetts with affordable housing restrictions that will expire in the next few years. The article quotes by State Senator Robert Hedlund, R-Weymouth:
“Without this money, the town of Weymouth would have lost 65 much-needed affordable housing,” Hedlund said. “According to the CEDAC, (Community Economic Development Assistance Corp.) we are in danger of losing 23,000 affordable units across the Commonwealth over the next few years.”