2024-03-18-PB Report Article 50 - Laserfiche WebLink

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RECEIVED r�oA Town ofLexington - Al, PLANNING BOARD 11:1 a'n, Ma'r 01, 0 4 Robert D.Peters, Chair 1625 Massachusetts Avenue Michael Schanbacher, Vice Chair Lexington,MA 02420 '1'"0 W N °,'.IEII IIS Melanie Thompson, Clerk s`f Robert Creech Member �,- Tel (781) 698-4560 APRILuyr planning&lexin tog nma.gov I G 10 A Charles Hornig Member ' �C��gG"C, �� Michael Leon, Associate Member www.lexingtonma.gov/pi REPORT OF THE LEXINGTON PLANNING BOARD ARTICLE S0: INCLUSIONARY HOUSING FOR VILLAGE AND MULTI-FAMILY OVERLAY DISTRICTS RECOMMENDATION The Planning Board recommends that Town Meeting approve the motion under Article 50 to amend the Zoning Bylaw inclusionary housing requirements for developments in the VO, MFO, and VHO districts. AMENDMENT DESCRIPTION This amendment reduces the percentage of required inclusionary dwelling units for developments in the VO (Village Overlay), MFO (Multi-Family Overlay), and VHO (Village High-Rise Overlay) districts from 15%to 10%for smaller developments with 10 to 13 dwelling units to comply with EOHLC guidance. Developments of 14 or more dwelling units would continue to require 15% inclusionary dwelling units. All inclusionary dwelling units continue to be required to be eligible for listing on the Town's Subsidized Housing Inventory and available for households earning up to 80%of the area median income. RATIONALE FOR RECOMMENDATION This amendment would change the inclusionary housing requirements of the Village and Multi-Family Overlay Districts adopted in 2023 after feedback from the Executive Office of Housing and Livable Communities (EOHLC). In November 2023, the EOHLC found the 2023 zoning requiring 15%of a development to be inclusionary starting at eight dwelling units not economically feasible. In 2024, the Planning Office commissioned a supplemental economic feasibility study. The 2024 study found that 1 inclusionary dwelling unit would be feasible in a 12-unit development and that 3 inclusionary dwelling units would be feasible in a 24-unit development. Based on the results of the study, the Planning Board proposes this zoning as the maximum affordability requirement that can be imposed under the Compliance Guidelines. PUBLIC PROCESS On Wednesday, February 7, 2024, after publication of the legal advertisement in the Lexington Minuteman newspaper on January 18 and January 25, 2024, the Planning Board held a public hearing.The public hearing was closed on February 7 and the Board voted on February 28 to recommend that Town Meeting approve the motion under Article 50. RECORD OF THE VOTE Planning Board Report to 2024 Annual Town Meeting Article 50