Community Preservation Program

1093-1101 Chestnut Street / Millhouse Commons

Community Housing

location: 1093-1101 Chestnut Street
Newton, MA 02464
goals: As part of a 6-unit, mixed-income condominium development, create 4 deed-restricted affordable units of housing, with a total of 10 bedrooms, and rehabilitate a circa 1870 Italianate house built for mill workers. Two of the deed-restricted units will be affordable to households at or below 80 percent of area-wide median income, and two will be affordable to households at up to 100 percent of area-wide median income.
funding:
$738,383 CP funds appropriated (community housing)
funding sources below from March 2004 revised budget -
to confirm or update
$575,000 CDBG funds
$2,775,000 bank loan
$398,000 sales revenue
$170,000 owner's contribution

$4,656,383

TOTAL PROJECT COST
contacts: Josephine McNeill, Executive Director
Citizens for Affordable Housing in Newton
Development Organization (CAN-DO)
1075 Washington St.
West Newton, MA 02465
email: jam_cando@msn.com
phone: 617.964.3527
website: http://www.newtoncando.org/

Proposal Review & Appropriations
October-December 2004 initial funding proposal to the CPC (15 October 2004) including
development budget, anticipated sales prices, letters of support, & deed

attachments and supporting information submitted for this proposal:
- site plans, elevations, Newton Historical Commission vote, & environmental assessment
- additional letters of support
- other funding commitments (CDBG, Cambridge Savings Bank)
- project team qualifications
- appraisal supporting purchase price (29 December 2003): part 1 and part 2
- design & finishes (December 2004)
- initial construction cost estimate (7 December 2004)
4 February 2004 Massachusetts Historical Commission comments
on historic significance
March 2004 revised development budget
16 March 2005 requested state funds denied
30 March 2005 revised construction cost estimate
28 April 2005 state approval of proposed modular units
25-27 May 2005 revised funding proposal to the CPC (27 May 2005)
attachments & supplemental information for revised proposal:
summary of project finances (25 May 2005): acquisition, development & construction costs; unit sizes; anticipated sales prices; and public subsidies
project timelines (to date and anticipated)
29 June 2005 Newton Historical Commission letter of support
29 June 2005 CPC funding recommendation
6 July 2005 requested allocation of funds among CPA categories
NOTE: Although the CPC recommended, and the proposal sponsor requested, funding as both historic resources & housing, the final appropriation was allocated 100% to community housing.
15 July 2005 Aldermanic conflict of interest declaration
8 August 2005 Board order (appropriation of funds)
Project News
November - December 2005 Filing at the Registry of Deeds:
Local Initiative Program regulatory agreement & deed rider (10 November 2005)
other documents: certificate of authority, certificate of good standing, clerk's certificate, amendments, mortgage, promissory note (2 December 2005)
historic preservation restriction (4 December 2005)