2016-12-00 Community Preservation Plan: A Needs Assessment.rpt

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compliance with 40B was allowed by the Department of Housing and Community Development (DHCD) to encourage communities to create additional rental units. If this formula for determining compliance should change, Lexington's SHI figure would drop to around 5.5%, or roughly half, - an incentive to continue to fund affordable housing projects. It is important to recognize that an adequate stock of affordable community housing is an important Lexington goal independent of the desire to avoid overly dense or otherwise undesirable housing developments. Beginning as a farming community, Lexington has become a suburban residential and commercial center with a population that is both ethnically and economically diverse. After World War II, it attracted a large number of residents involved in academic and scientific pursuits at nearby universities. Since then, its excellent schools and other amenities have continued to draw new residents, many with origins outside the United States. While the median household income in the Town is well above the State's median, Lexington's profile increasingly includes retiring seniors who need less costly housing to stay in Town, as well as municipal employees, veterans, and others who seek more modest housing. At present, Lexington housing is largely unaffordable to young singles and families between 20 and 45, depriving the Town of the contributions of this demographic. Traditionally, Lexington's culture has not been based primarily on the high price of admission, that is, expensive housing. The Town has evolved as a place of academic and professional achievement with a commitment to diversity and shared community involvement. The commitment to providing a range of housing opportunities is a part of the Town's character. GOALS 1. Preservation and support of existing community housing, including State and Federally subsidized units. a.) Preservation of existing community housing through projects such as the following recent endeavors managed by the LHA: • Installation of drainage structures and replacement of failing siding at Vynebrooke Village; • Replacement of windows and roofs at Greeley Village. b.) Financial support to LexHAB toward current acquisitions and renovations so that it can maintain reserve funds sufficient to purchase community housing units at such time as their deed restrictions expire. 2. Creation of additional units of affordable housing at an annual rate which will allow Lexington, at a minimum, to maintain its current Subsidized Housing Inventory of State - approved community housing at approximately 11% of the Town's housing stock a.) Provide funds to LexHAB to enable it to purchase and rehabilitate existing housing units which will then be deed restricted to maintain them as affordable units; 12