The Real Estate Development Advisory Committee (REDAC) is a SCC member committee that works with our Real Estate Development staff to take a closer look at specific projects and overall affordable housing development strategies.
Together with staff, REDAC makes recommendations to the SCC Board of Directors that help inform the board’s decision on property acquisitions to be developed as affordable housing and mixed-use development.
General Expectations
REDAC meets as often as necessary to conduct its work, typically before every board meeting at a minimum. The primary purpose of REDAC is to consider, approve or disapprove specific real estate transactions, dispositions, or development projects for Somerville Community Corporation.
Specific Expectations
- Approve or disapprove real estate property acquisitions proposed by SCC staff management team and which complies with the acquisition guidelines previously established by the Board.
- Approve or disapprove any real estate development project proposed by SCC staff management team which complies with the development guidelines previously established by the Board as follows:
- Approve or disapprove any property development project based on the initial underwriting assumptions, pricing, or other factors for the development; and
- Approve or disapprove the initiation of construction on the development project based upon final underwriting assumptions and pricing for the development.
- Review real estate pipeline and provide guidance and support to the real estate team around project propositions that may come to the Board in the future
- Review and provide input to the real estate team around rehabilitation and construction projects and identify opportunities for improvements that may have not been addressed by the SCC management team
- Review and propose input on vendor relationships, steps to proper identification and selection of contractors, so that both pricing and mission driven vendors are participants of the work that our team provides in the construction and rehabilitation of affordable housing properties.