Little Compton residents recently received the Report of the Budget Committee in advance of our upcoming Annual Financial Town Meeting. It includes Article 5, a warrant article from the Little Compton Agricultural Conservancy Trust (Ag Trust), requesting an increase to the transfer tax exemption from $300,000 to $450,000 while maintaining the existing 4 percent tax rate. The Budget Committee approved this article, reasoning that the tax may be a financial burden to first-time home buyers, making it difficult to start a family here and send kids to our school. They also recognized that land preservation restricts development, further exacerbating the affordability problem. Their recommendation suggests that this could be “revisited by the Ag Trust, Budget Committee, and public during the next budget season. At that time, the exemption and tax rates can be modified again if necessary.”

While many residents would like to see a more progressive proposal, I appreciate the Ag Trust’s acknowledgment that change is due, and I view this as a first step in that direction. I also welcome the Budget Committee’s suggestion to revisit and modify this. To that end, I believe we should support Article 5 at the Financial Town Meeting but continue looking for ways to do more to improve housing affordability in our town.

While the Ag Trust enjoys broad public support for its conservation work, it’s time to reconsider whether preserving open space is still our top priority in 2024. If we have a consensus that housing affordability is at least equally important, we should look for a solution that allows more funds to be used to support the creation of Low and Moderate Income Housing. Beyond the proposed increased transfer tax exemption threshold, the millions collected annually are an obvious first place to look. We could begin by drafting a proposed amendment to the Ag Trust’s Enabling Legislation, authorizing and requiring the Ag Trust to allocate and expend a percentage of all newly received funds to support Low and Moderate Income Housing. If we undertake this work, the process should be open, transparent, and unhurried.

Notably, there has been some slow but significant progress:

●  Town council voted to reinstate ADU provisions to our zoning ordinances;
●  Housing Trust applied for and received grants for the development of two projects, potentially
creating five new units of Low and Moderate Income Housing;
●  Housing Trust held a new homebuyer education event;
●  Members of the Planning Board and Housing Trust are having collaborative meetings to review and update the Housing Section of the Comprehensive Plan;
●  Commons Foundation held a well-attended housing affordability community meeting;
●  United Congregational Church voted to set aside 15 percent of the Parsonage sale proceeds to support Low and Moderate Income Housing;
●  We see increased town-wide awareness and support for improving housing affordability.
I encourage everyone to attend the Financial Town Meeting and support this incremental step to raise the transfer tax exemption threshold. It alone won’t solve the problem, but it’s something we can and should build on in a deliberative and thoughtful manner going forward.

Victoria Talbot

Little Compton

Talbot is a member of the Housing Affordability Working Group, Chair United Congregational Church of Little Compton