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

Browse Search

Town. Lexington will modify the deed restriction to cover families in the 80- 100% HFMI range. The deed may have to have a specified term rather than “in perpetuity” as the law is specific for 80% or less situations but not for over 80% since there is a lower public subsidy. The standard deed rider has terms to cover catastrophic events, bank insurance requirements and foreclosures and these will be retained. 10. Are there homes in the $350,000 to $400,000 range in Lexington? Bob said that the Housing Partnership meet with realtors, bankers, and developers to answer these kinds of questions. The realtors said on Woburn St., Woodhaven St., Sylvia St near Arlington, there are homes in this range. 11. Are these affordable deed restrictions in perpetuity or for 30 years? Judi Barrett said that according to Chapter 184, affordable housing restrictions below 80% are in perpetuity. If the AMI is 80-100%, there is a lower public subsidy so the restriction expires in 30 years. I will confirm this with Judi Barrett. 12. The 2 land parcels are still under negotiation so there was really nothing to report yet. Land parcel A is possibly 6 figures and Land parcel B is possibly7 figures. Weston’s Land Sake’s farming program was brought up as a public farming model that could be used in Lexington. The issue of access for the public came up for one of the parcels. Dick Wolk said there was access. The access will have to be clarified in the future to the rest of the committee. th Dec. 18 4-6pm next meeting The meeting was adjourned at 6:20pm Respectfully submitted, Betsey Weiss