This rental project has to do with tax credits at 95 cents on the dollar that come from building HUD subsidized affordable rental units. The developer gets the tax credits (to be sold to investors), and will also ask the town council to deliver long term property tax abatement's paid for by town residents.
After 30 years (the term of the deed restriction), the entire complex might be sold as waterfront condos at their full market rate.
This is about developers and their friends.
The prior town council voted in favor of property tax abatement's for Sweetbriar where Sweetbriar pays less than 1/10th of the average property tax bill in town.
And now it has been learned that Barrington's Spencer Trust Fund has been subverted by town officials to allow transfers out of the fund to the West Elmwood Housing developer to promote their affordable projects. The original will was altered to make this happen, and demonstrates just how far town officials are going to promote this insanity.
Residents have to become better informed as to just how fast our town is being permanently changed by developers, and by our town officials.
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