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Summary of the Conversion Initiative for Marshfield
The creation of affordable housing through conversion of existing housing in Marshfield would normally require the use of state funds combined with private financing. The Housing Partnership in Marshfield is available to assist local owners and developers in securing these funds for qualified projects.
A typical project that would be eligible for these specialized public and private funds would involve the creation of five or more units of housing. Smaller projects are sometimes possible under other limited sources of funding.
Grant awards give as much as $75,000 per unit for acquisition, rehabilitation, and other costs. Along with this public equity, developers usually secure discounted financing from designated lenders as a first mortgage.
Not all units in a project need to be made “affordable” by state income and cost guidelines. Market-rate rentals and ownership units can compose from 75% to 80% of the housing created.
Affordability is calculated by measuring income against the costs of living in the region the housing is located. Affordable housing would be made available for renters or owners who earn at or below 80% of the median income for the Marshfield region, which is set by the statistics for Boston. For a family of four this equals an annual income of as much as $66,080. For their housing to be declared ”affordable”, this family of four could pay as much as 30% of their income toward the housing costs. Thus a monthly rent might be as high as $1,500 and still be declared affordable by state guidelines. Similar monthly costs would also determine the acceptable expenses for home ownership. For individuals and smaller families income levels are set proportionately lower as are the qualified housing costs.
The Massachusetts Department of Housing and Community Development (MA DHCD) under its Housing Development programs funds the production of affordable rental housing, including units for persons with special needs, and the construction or rehabilitation of affordable homes and condominiums for purchase by income-eligible first-time homebuyers. The Division's programs are the Low-Income Housing Tax Credit, HOME, Housing Stabilization Fund, Housing Innovation Fund, Capital Improvement and Preservation Fund, Facilities Consolidation Fund and the Soft Second
program.~Connecting online at the state’s DHCD housing information link pages at www.mass.gov/dhcd/components/housdev/default.HTM will access more information on these funding sources and related housing development programs. A link to this site is also accessible through the Town’s website: www. townofmarshfield.org.
The Town of Marshfield would like to hear from property owners and developers who are interested in creating affordable housing within existing housing in town. For further information please contact Marshfield’s Housing Coordinator, Thomas Bentley at (978) 973-2362. He also can be reached by email at tbentley@townofmarshfield.org and at the Planning Office - Marshfield Town Hall, 870 Moraine Street, Marshfield, MA 02050 – telephone: (781) 834-5547.
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