2013-12-00-CPC-rpt (Needs Assessment Report)

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universities. Since then, its excellent schools and other amenities have continued to draw new residents, many with origins outside the United States. While average household income in the Town is well above the State average - $131,509 for Lexington in 2011 - 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 by addressing needed capital improvements that go beyond normal maintenance, such as the following recent projects 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; b.) Provide funds to LexHAB, or another responsible entity acceptable to the Town, to contract for and manage the construction of new units of affordable housing on Town -owned lands, particularly on the Leary and Busa properties; c.) Encourage the Town Board of Selectmen to consider housing (as well as each of the other purposes set out in the CPA) when acquiring land for the Town and designating its use. 3. Completion of a Lexington Housing Production Plan to meet State requirements, to clarify community housing needs and goals for Lexington residents, and to lay out a blueprint for action for the next ten years.