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2023-11-09-CPC-min
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2023-11-09-CPC-min
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12/15/2023 10:05:43 AM
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2023
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Thomas Case, Finance Dept Staff
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Town Clerk
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3 <br /> <br />applications for Historical Resources for building infrastructure but there are only five times <br />when the Select Board had advocated for affordable housing. <br /> <br />Ms. Krieger asked what percentage of an affordable housing project would the AHT’s <br />contribution cover. Ms. Prosnitz explained that AHT contributions can be around 25% of the <br />cost but stressed that each project is unique and the ultimate goal for all projects is to leverage <br />as much funding from other sources as possible. Ms. Prosnitz added that the AHT would <br />identify the total cost prior to committing funds. Ms. Fenollosa asked if the AHT’s funding is an <br />investment in a developer’s cost. Ms. Prosnitz explained the developer’s procedure when <br />applying for AHT funding and added that AHT funding includes an affordable housing restriction <br />so that the Trust’s and Town’s investment would be protected. Ms. Tung commented that the <br />Town’s current affordable housing investments involves paying full price for one or two units at <br />a time, whereas the Trust will allow the Town to leverage a smaller amount of money for a <br />greater number of affordable housing units. <br /> <br />Mr. Sandeen brought attention to the Housing Feasibility Study organized by Ms. Kowalski, <br />noting that it shows the possibilities the Town has to address affordable housing and <br />commenting that the study helps answer many questions regarding the AHT’s capabilities. Mr. <br />Sandeen also highlighted the increase in affordability gap in the past few years between what a <br />median-income household in Lexington can afford and the median house price in Lexington. <br />Mr. Sandeen also noted how striking it is knowing how long a family has to wait to access <br />affordable housing and emphasized that the need is likely undercounted due to the number of <br />families who opt to seek housing elsewhere instead of waiting potentially up to 10 years. <br /> <br />Ms. Walker shared details on an affordable housing project in Newton to serve as an example <br />of the several different funding sources for all-affordable housing projects. Ms. Walker also <br />expressed her view that needing to mix affordable housing with market-rate housing is an <br />outdated idea, adding that all-affordable housing is also more financially advantageous. Mr. <br />Creech asked Ms. Walker to share the link for the Newton project and noted his concern for <br />quality of life in all-affordable housing projects compared to mixed-use. Mr. Creech asked Ms. <br />Prosnitz what the AHT’s estimated costs represent. Ms. Prosnitz explained that their estimated <br />costs are for the entire cost of a project and not just construction. <br /> <br />Mr. Sandeen asked Ms. Kowalski if she could share a copy of the Housing Feasibility Study as <br />well as a recording of one of the study’s presentation sessions. Ms. Kowalski said she would do <br />that, shared a copy of the study in the Zoom Chat, and noted that the final report is expected in <br />December. Ms. Prosnitz added that the Lowell St project would be on Town-owned land, which <br />would lower the overall cost for a project. <br /> <br />Ms. Fenollosa asked Mr. Sandeen if the Select Board is willing or plans to search for funding for <br />the AHT from sources other than the CPC. Mr. Sandeen shared that the Select Board has placed
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