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2008-03-31-CPC-rpt
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2008-03-31-CPC-rpt
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Minutes - CPC - Community Preservation Committee
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Project: Survey and Define Affordable Housing Assistance Program <br />CPA Category: Affordable Housing <br />Amount Requested: $25,000 <br />Amount Recommended: $25,000 <br />CPC Vote: Approval (9-0) <br />Project Description: <br />The Lexington Housing Partnership and LexHAB are requesting $25,000 to study and define an <br />affordable home ownership program for the Town of Lexington. This project will build on the <br />knowledge acquired by other Massachusetts towns that have implemented affordable housing <br />assistance programs using CPA funds, and define parameters for a program that suits <br />Lexington’s needs and concerns. Working jointly, LexHAB and the Housing Partnership will <br />consult other town entities such as the Lexington Housing Authority to determine program <br />needs. <br />Project Goals and Objectives: <br />Survey towns in Massachusetts (such as Chatham, Newton and Cambridge) that have <br />established affordable homebuyer assistance programs using CPA funds. <br />Develop a Statement of Objectives for a program suited for Lexington. <br />Summarize program parameters and implementing concepts. <br />Discuss results with community to inform and gain support. <br />Project Benefit: <br />This project will be an important step in achieving the Town’s affordable housing objectives. <br />TheLexington Consolidated Housing Strategy and Plan 2006-2010 clearly articulates the need <br />for affordable housing. Work force housing to support those providing critical services is needed <br />and it is a known fact that the population of residents in Lexington, ages 25 to 40 years, has <br />decreased by over one third over the last decade. Although the Town is a recognized leader in <br />affordable rental units, it lags in affordable home ownership. The gap between what is <br />affordable and what homes sell for is large and a significant barrier to potential home ownership. <br />If a practical program can be defined to bridge this gap, first-time or other income-qualified <br />homebuyers will have better opportunity to live in Lexington. The benefits of an affordable <br />homebuyer assistance program would: <br />Create a positive housing climate to support business expansion; <br />House service providers such as police, fire, health workers and teachers; <br />Enrich our community values through diversity – promoting our tradition of healthy <br />neighborhoods with a mixture of race, income level and age. <br />Funding Request: <br />The project requests $25,000 of CPA funds to survey and define an affordable housing assistance <br />program for Lexington. The work would be completed by November 2008. <br /> <br />
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