The “40B” affordable housing project in Marion just got a helping hand from the Board of Selectmen

During the February 7 meeting, the Selectmen agreed to write a letter of support on behalf of Baywatch Realty, the applicant for the affordable housing project. In the letter, the Selectmen will endorse Baywatch Realty’s efforts to seek tax credit financing for the project.

Tax credit financing from the state can provide Baywatch Realty with several financing options to move forward with the 40B project. Tax credits can be used as a source of equity for the project or used against state tax liabilities, as well as being used to attract outside investments in the project.

The Selectmen will not be endorsing any other aspects of the project, as Baywatch Realty has yet to meet the requirements set forth by the Zoning Board of Appeals, the Planning Board and the Selectmen.

The housing project was first proposed by Baywatch Realty 11 years ago. Since then the initial plans have gone through several modifications. The most recent proposal of the project was presented before the Zoning Board of Appeals on January 26. This plan calls for a 96-unit housing development with 6.5-acre area of protected wildlife habitat. Of the 96 housing units, 60 will be affordable housing apartments and 36 will be single-family homes sold at market rate.

Members from the town’s boards have expressed concern with wetlands protection in the area, the width of the roadways, the percentage of affordable housing units as well as reports that have still not been filed with the town.

Selectman Roger Blanchette said that because the letter will be endorsing Baywatch Realty’s financing efforts alone and not the project as a whole, the Selectmen’s support on this matter does not interfere with the matters before the town’s other boards.

“We are all well aware they have a lot of hoops to go through but this is something good for us to do,” Blanchette said. “This doesn’t talk to those other regulations. This is strictly a financial matter here.”

Selectman Stephen Cushing agreed with Blanchette.

“This is basically the financial aspects of the project and it’s a step forward for them instead of two or three steps back as it’s been in the past few years,” Cushing said.

Selectmen Chair John Henry said representatives from Baywatch Realty contacted him last month about writing the letter.  Henry said the letter would be positive step forward in the project, adding that he hopes it will help Baywatch Realty secure the tax credit financing they need.

“It’s a big step,” Henry said.