A Kick in the Asset.
By Jim Conley • Nov 30th, 2007 • Email This Post to a Friend •
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Now you’d suppose - after having $6 million in public funds thrown at them allegedly to build affordable housing at the former St. Aidan’s Church - that the Boston Archdiocese wouldn’t repeat the mistake it made at its Rollins Square Project in Boston.
You know, the mistake that let people who had plenty of assets (off income) to buy affordable units that were supposed to go to those who have no assets to speak of [read the Globe story].
You’d also think that all of the “mission to build affordable housing” platitudinal nonsense that has otherwise rational people (i.e., Selectman Betsy DeWitt) tied up in knots would have led someone to guard against income being the only determinant when qualifying for a publicly subsidized unit. Oh yes, you’d think that alright.
But it looks like, once again chump, you’ve been played.
Here’s a copy of a letter [click to view] I received that was sent to the Archdiocese to confirm that when it comes to the subsidized (first home-buyer) units there will be, “no asset limit restriction in marketing and selling those units.”
I’m sure there’s a very good explanation for this. Just like there was when the town and church tried to set aside three condo units for parishioners at St. Mary’s Catholic Church. In that case, the line was that the units were going to be built with private funds. Jaysis, no wonder they can’t get this project financed.
An aside: The current delays (looks like May of 2008 as a start date) are reportedly due to complexities in closing the deal. What happened to blaming the lawsuit initiated by 75 residents? My goodness, the way I heard it over the summer, the costs to the project had gone up due to the delay from the suit. That’s why the town gave over another $1.7 million to this stinker.
And it was good to go.
Now all of a sudden, the deal is too complex to close on…even though none of the lenders have changed. Seems to me that if this were a sound project and the assumptions around its finances were valid it would have closed back in June when the Brookline Selectmen propped it up.
Boy, $6 million could have really been put to good use for more than a few middle class families…had it been placed in more competent hands.
Jim Conley is publisher of On Brookline.
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If good things come to those who wait, St. Aidan’s should be a heckova project if and when it finally gets done, provided they survive. The interim may be sort of a limbo, with the pole getter lower and lower. Is it posible that Chair Daly and Selectman Allen might themselves be eligible for affordable units by the time financing is is place and construction starts? Here’s NOT looking at their assets.
The delay in the start date for the St. Aidan’s project might provide Brookline High School students the opportunity to come come up with a parody of “The Blues Brothers” as a theme for the project. Perhaps some of the roles may be played by members of the Board of Selectmen, or their (un)reasonable facsimiles. Let’s consider who might play the John Belushi role of Jake Blues or the Dan Aykroyd role of Elwood Blues. Bobby Allen and Gil Hoy come to mind, even though they might not have rhythm. There is definitely a Superior role for Chair Daly. Since Brookline does not seem as diverse as it once was, it may be difficult assigning the Cab Calloway role. But one thing is clear, the St. Aidan’s project is a mission, calling for a Hail Mary.
Come on, students, you can do it in time for next Spring’s Annual Town Meeting.