DHCD OK’s finances of 67 North Street

Posted on August 6, 2018 | Comments Off on DHCD OK’s finances of 67 North Street

The Department of Housing and Community Development administers 40B and part of its task is to verify the limit on the profits that developers are allowed to make for any 40B project.  This letter acknowledges that Bob Borrelli has complied as to the eight unit Cushing House rental project he did at 67 North Street.

~ ·. 1·. ~ , I ~; . . Commonwealth of Massachusetts DEPARTMENT OF HOUSING & COMMUNITY DEVELOPMENT Charles D. Baker, Governor + Karyn E. Polito, Lt. Governor + Janelle L. Chan, Undersecretary s~" August 3, 2018 Mr. Robert J. Borrelli, Manager Medfield Holdings, LLC 9 Boiling Spring Avenue Medfield, Massachusetts 02052 Re: Cushing House, 67 North Street, Medfield, MA Local Initiative Program-Cost Examination Dear Mr. Borrelli: The Massachusetts Department of Housing and Community Development (DHCD) is in receipt of the "Independent Accountant's Report" (the "Report") dated April 30, 2018, prepared by Raffol and Company, Inc. for the Cushing House project. DHCD has undertaken a review of the Report pursuant to our responsibilities as the Subsidizing Agency (defined under the provisions of760 CMR 56.02) and Sections 7 and 21 of the Regulatory Agreement and Use Agreement (the "Regulatory Agreement") for the project under the Local Initiative Program (LIP). As part of our review we have sought comments from the Town of Medfield, and the Town has evaluated the Report pursuant to Sections 7 and 21 of the Regulatory Agreement. DHCD has reviewed the Report and found it to be satisfactory. DHCD has concluded that the Developer's Equity and Accumulated Distribution Amounts calculated by Medfield Holdings, LLC does not exceed the Limited Dividend Requirements as defined in the Regulatory Agreement. This letter will constitute DHCD's acknowledgment that Medfield Holdings, LLC has satisfied the requirements of Sections 7 and 21 of the Regulatory Agreement, including for purposes of the Surety Bond issued by Needham Bank. Therefore, we are releasing Irrevocable Standby Letter of Credit No. 591096251-1 dated June 15, 2017, issued for Cushing House. Sincerely, Ala~~y~ Deputy Associate Director cc: Michael Sullivan, Town Administrator Kenneth Raffol, Raffol and Company, Inc. Martin Murphy, Esq. 100 Cambridge Street, Suite 300 Boston, Massachusetts 02114 www.mass.gov/dhcd 617.573.1100

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