Edgartown selectmen sign off on $400,000 to affordable buydown

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File photo by Ralph Stewart

Edgartown selectmen made quick work of a short agenda at their Monday meeting.

Selectman authorized $400,000 for the first two homes purchased through the town’s affordable housing “buydown” program. Members of the Edgartown Affordable Housing Trust approved the money earlier. The program subsidizes the purchases of existing homes for applicants who qualify based on their income level.

“Glad to see this,” selectman Margaret Serpa said. She also serves as a trustee of the Affordable Housing Trust.

With a $200,000 subsidy, Heather Slayton plans to purchase a home at 290 The Boulevard. The agreed upon sale price is $399,000.

Also with a $200,000 subsidy, Derek and Brooke Avakian intend to buy a home at 4 Twenty-second Street South. The purchase price for that home is $405,000.

The Edgartown Affordable Housing Trust is funded with donations, including a $1.8 million payment made by the Field Club. The donation was the subject of a controversial review by the Martha’s Vineyard Commission, after the Field Club proposed the payment in lieu of providing affordable housing lots in the exclusive development.

In a separate vote, selectmen also approved covenents that restrict future sale of the properties.

Also Monday, selectmen appointed Robert Morrison as deputy shellfish warden for a six month probationary term. Mr. Morrison was recommended by the shellfish committee, after interviewing six applicants.