Cohasset is currently missing out on significant state housing credits due to a lack of deed-restricted affordable units at a rental development near the Route 3A train center. During Tuesday’s meeting of the Affordable Housing Steering Committee, Chair Paul Kierce highlighted an opportunity to bolster the town’s Subsidized Housing Inventory (SHI) by negotiating with the property’s new owners. Under state rules, rental developments only count toward the SHI if at least 25% of the units are affordable. Currently, only two of the 16 units at the site meet this criteria, meaning none of the units are credited to the town. Kierce noted that if they add two more units, we get credit for all 16, creating a buffer that would allow the town to build up to 140 market-rate homes while remaining compliant with state 40B mandates.

The committee is also preparing for a major update to the town’s Housing Production Plan (HPP) before the 2030 census. Town Planner Cassandra Thayer informed the board that Cohasset will seek a Community One Stop grant in March to fund the update, which will include studies on potential 40R and 40Y zoning districts. Thayer explained that a 40Y designation would allow for starter homes essentially by right through an overlay district. Member Fred Koed compared the concept to historical local developments, noting it was similar to where I live, which was the Veterans Project back in the 50s. Thayer advised that while the town is pursuing several grants, officials are careful not to thin us out by overextending staff resources across too many simultaneous applications.

Progress on other active housing sites remains mixed. Thayer reported she is finalizing the regulatory agreement for the 1 Pleasant Street project before submitting it to the state. However, the development at 147 South Main Street has hit a standstill following a communication breakdown between the developer and the lottery agent. Thayer has recently reconnected the parties via email to jumpstart the process. Regarding larger potential projects, Kierce noted interest from a group looking to develop 20 single-unit homes near Jerusalem Road and Black Rock Road, which would be required under town bylaws to include deed-restricted affordable homes.

Financial hurdles continue to shape the town’s housing and infrastructure strategy. Kierce, who also serves on the Sewer Commission, recalled a previous regional sewer study for Route 3A that was abandoned because Cohasset's share was going to be $35 million. While Scituate is moving forward with a sewer district in North Scituate, Kierce indicated that Cohasset’s participation remains on hold. Vice Chair Mary Hynes reviewed the town's progress on housing recommendations, noting successes in leveraging town-owned assets and utilizing Community Preservation Act (CPA) funds for the Housing Trust. However, she suggested that efforts to support aging in place might need to wait for the local Senior Center to fill vacant leadership positions. I'm glad to go through the list and see where we are, Hynes said, emphasizing that the town has already met several goals regarding 3A zoning and partnerships with Habitat for Humanity.

Local real estate trends are adding pressure to the committee’s work as the market remains highly competitive. Member Beth Tarpey reported that while buyers have returned, inventory is scarce. The sweet spot, believe it or not, is like a million to a million-five. Anything under a million, people go crazy for, Tarpey observed, citing a recent nearby sale in Hingham that drew 16 offers and sold for $300,000 over the asking price. Tarpey also touched on developments at the harbor, suggesting that condo sales there have been hindered by a flawed and secretive marketing approach that initially refused to cooperate with outside agents.

At the Elm Street housing property, management has officially transitioned to the Scituate Housing Authority. Koed reported that the property currently has 10 or 11 vacancies, but officials are heading in the right direction toward filling them. Long-term maintenance remains a priority as a state engineer continues to evaluate solutions for persistent flooding issues at the site. Koed noted that a backup generator will remain on-site for another month until a permanent town contract takes over coverage.