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2015-12-00-CPC-rpt (Needs Assessment Report)
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2015-12-00-CPC-rpt (Needs Assessment Report)
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Minutes - CPC - Community Preservation Committee - Needs Assessment Report
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determining compliance should change, Lexington's SHI figure would drop to around 5.5 %, or <br />roughly half, - an incentive to continue to fund affordable housing projects. <br />It is important to recognize that an adequate stock of affordable community housing is an <br />important Lexington goal independent of the desire to avoid overly dense or otherwise <br />undesirable housing developments. Beginning as a farming community, Lexington has become a <br />suburban residential and commercial center with a population that is both ethnically and <br />economically diverse. After World War II, it attracted a large number of residents involved in <br />academic and scientific pursuits at nearby universities. Since then, its excellent schools and other <br />amenities have continued to draw new residents, many with origins outside the United States. <br />While the median household income in the Town is well above the State's median- $138,095 for <br />Lexington in 2012 - Lexington's profile increasingly includes retiring seniors who need less <br />costly housing to stay in Town, as well as municipal employees, veterans, and others who seek <br />more modest housing. At present, Lexington housing is largely unaffordable to young singles <br />and families between 20 and 45, depriving the Town of the contributions of this demographic. <br />Traditionally, Lexington's culture has not been based primarily on the high price of admission, <br />that is, expensive housing. The Town has evolved as a place of academic and professional <br />achievement with a commitment to diversity and shared community involvement. The <br />commitment to providing a range of housing opportunities is a part of the Town's character. <br />GOALS <br />1. Preservation and support of existing community housing, including State and Federally <br />subsidized units. <br />a.) Preservation of existing community housing by addressing needed capital improvements <br />that go beyond normal maintenance, such as the following recent projects managed by the LHA: <br />• Installation of drainage structures and replacement of failing siding at Vynebrooke <br />Village; <br />• Replacement of windows and roofs at Greeley Village. <br />b.) Financial support to LexHAB toward current acquisitions and renovations so that it can <br />maintain reserve funds sufficient to purchase community housing units at such time as their deed <br />restrictions expire. <br />2. Creation of additional units of affordable housing at an annual rate which will allow <br />Lexington, at a minimum, to maintain its current Subsidized Housing Inventory of State - <br />approved community housing at approximately 11% of the Town's housing stock <br />a.) Provide funds to LexHAB to enable it to purchase and rehabilitate existing housing units <br />which will then be deed restricted to maintain them as affordable units; <br />11 <br />
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