2006-12-13-CPC-min - Laserfiche WebLink

Browse Search

lottery and match up of people to the available property would be intensive work and once the process has been established then it would be minimal work. He also said that the Housing Partnership would have responsibility for these homes. There is also a Housing Foundation that is set up as a 501(c) (3) to receive funds and invest money. Bob also said that someone or some body is going to have to manage the 3 Battle Green affordable apartments. LexHAB does rentals. The condos are an ownership situation so the issue of support came up and if CPC funds could pay for that Town employee. Is it legitimate to support this staff person with CPC funds? That will have to be checked. 4. Someone brought up the issue of capital improvements for the affordable house. Muzzey condos are affordable units but the people who buy them very often cannot pay for capital improvements so what will be done with the affordable deed restriction homes with regard to this issue? A contingency fund which will be part of the $200,000 will be needed for initial capital improvements such as for a roof if it only has 3or 4 years of life left or the heating system needs to be replaced to improve efficiency. Judi Barrett who is the expert will have the study done by Feb. and will have recommendations on this issue. 5. The deed rider will have clauses to determine the future sales price is the property is sold. Since the new buyer will be qualified as to income, the permitted change will be keyed to the present and future HFMI as published by HUD. There will also be allowances for capital improvements that are authorized in advance by Lexington. For instance, if the family grows and another bedroom is authorized, the future price at transition will be keyed to larger families and therefore a larger permitted price. 6. How will people be picked? If Lexington only wants local preference, then we have to do 100% AMI. If Lexington does 80% AMI, then 70% is local preference. ( Bob is this correct?) 7. The issue of the bank mortgage rate came up. Jeri Foutter said that Cambridge Savings would give a favorable rate. Cambridge Savings does 1 to 2 homes per year in the 80%to 100% HFMI. Cambridge Savings does supportive funding at favorable lending rates. 8. Wendy Manz asked if there would have to be a “First Time Home Buyers Training Class provided by HOME or similar agency, to make sure buyers understood the ongoing costs of homeownership.” Yes, a counseling class for eligible buyers would be required.. 9. Betsey Weiss asked Judi Barrett to explain her work in Stowe and Acton. Judi said that Stowe is going with 80% or lower HFMI for older single family homes. Acton is trying to set up a program for condominiums. Judi said that another important aspect of this program is the preservation of housing stock from 1925- 1950 which is a target of tear downs plus helping first time home buyers to buy in