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<p class="MsoNormal">Hi All,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The Town of Yarmouth is looking to modify the way we calculate the cash payment for the Fee in Lieu of Affordable Housing. I know this is a topic that has been discussed before and have looked at the more recent responses, but was wondering
how others determine this calculation. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Yarmouth is looking at a way to calculate the difference in sale price between the market rate unit and an affordable unit and are proposing the following.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify"><span style="font-family:"Calibri",sans-serif">412.4.5 Fee in Lieu of Affordable Housing. Calculation of cash payment.<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify"><span style="font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify"><span style="font-family:"Calibri",sans-serif">For each affordable unit not provided within the locus of the development, the fee shall be the difference between the current Median Sale Price*
and the affordable price calculated to be affordable by the Massachusetts Executive Office of Housing and Livable Communities (HLC) Local Initiative Program (LIP)** to a household of four earning no more than 80% of the Area Median Income as set by U.S. HUD
on an annual basis for Barnstable County.<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify"><span style="font-family:"Calibri",sans-serif">* The Median Sale Price is per the most current Warren Group data, adjusted for unit type, and where units in multi-family buildings of 3 or more
units are considered condominium units. <o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:.5in;text-align:justify"><span style="font-family:"Calibri",sans-serif">** Housing units in multi-family buildings of 3 or more units are calculated as condominium units.<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Thanks,<o:p></o:p></p>
<p class="MsoNormal">Kathy<o:p></o:p></p>
<p class="MsoNormal"><b><span style="font-size:18.0pt;font-family:"Times New Roman",serif">----------------------------------------</span></b><span style="font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Kathy Williams, P.E.<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Yarmouth Town Planner<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">1146 Route 28<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">South Yarmouth, MA 02664-4492<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">(508) 398-2231 Ext 1276<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><a href="mailto:kwilliams@yarmouth.ma.us"><span style="color:blue">kwilliams@yarmouth.ma.us</span></a><o:p></o:p></span></p>
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