WESTFORD — Funding for a workforce housing on project Boston Road is up for consideration at Special Town Meeting on Monday.
Workforce housing at 70 Boston Rd.
The 70 Boston Rd project, which has received unanimous support from the Select Board and the Community Preservation Committee, would see the former Coldwell Banker property converted into five apartments and one condominium.
The five apartments would be administered by the Drew Farmhouse, Inc., a nonprofit established by resident Ellen Harde. Harde, who owns the Wright and Fletcher building at 40 Main St., purchased the Boston Road property for $1.1 million.
The condominium would be administered by Habitat for Humanity, and would allow a habitat-eligible family to purchase the three-bedroom space.
“This project will allow for working families and individuals in the Westford area to secure both affordable apartments and homes in a single location,” said Kevin Fusco, Executive Director, Habitat for Humanity of Greater Lowell in a press release.
He added, “such opportunities are critical to attracting and retaining a dedicated and committed local workforce while simultaneously benefiting not only the renters and homeowners but enhancing the rich fabric of the Westford community.”
Voters are asked whether or not to approve $1.45 million in Community Preservation Act funds for the project.
Funding will be used to maintain the historic character of the exterior of the building, as well as renovate the five apartments. Four of the apartments will be one bedroom units and the fifth will be a two-bedroom unit.
The Drew Farmhouse, Inc., says it aims to give local preference to renters with ties to Westford. Additionally, eligibility for the rental units will be based on a maximum of 100% of the area median income, or $79,100 for a one-person household.
“We want it to be 100% autonomous, that’s why we didn’t take federal or state money,” Harde told WestfordCAT. “The whole goal is to keep it affordable for the people who live there.”
She added, “I hope that like our existing building at 40 Main St., everybody who is there has some connection to the town. Such as they work here, or need to downsize, or grew up here, and can’t afford to buy.”
The nonprofit will provide a financial backing of $800,000 for a mortgage and building loan and is seeking an additional $350,000 from foundations and generous residents. The nonprofit has already received approximately $63,000 in contributions for the project.
If funding is approved, then what?
If voters approve the article, the Select Board may enter into a grant agreement with The Drew Farmhouse, Inc. for CPA funding. If the Select Board is authorized to enter into a grant agreement, the board could establish guidelines on surplus funds.
Members, like board chair Tom Clay and Member John Cunningham, expressed interest in collecting surplus funds from the project to return to the town for future affordable housing projects during an Oct. 10 meeting.
“Would we be good stewards of the money if we said ‘if there is a transaction that generates any profit, that those extra funds basically return for use for affordable housing,” Clay asked. “The goal here would be to make sure that we’re protecting the town’s interests.”
Cunningham added, “If you liquidate, change or refinance or something and that results in additional equity, that it would somehow be put into affordable housing?”
Harde responded,” a surplus has been the last thing that has crossed our minds.”
She added, “we didn’t buy it [40 Main St.] to make money, we bought it to keep those five apartments affordable. That’s how we envision the Drew Farmhouse working.”
Specific details of an agreement have not been finalized at the time of reporting, but Harde says The Drew Farmhouse, Inc. is willing to discuss language surrounding surplus funds in a final grant agreement.
“If it’s important for the town to have that language in an agreement so we can get on with this project and have five people move into those apartments by 2025, we are willing to talk to you about it,” she said.
Special Town Meeting is on Oct. 16 at 7 p.m. at Westford Academy.
