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2014-12-00-CPC-rpt (Needs Assessment Report)
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2014-12-00-CPC-rpt (Needs Assessment Report)
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Minutes - CPC - Community Preservation Committee - Needs Assessment Report
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market rate rental units. The inclusion of market rate units to determine a community's <br />compliance with 40B was allowed by the Department of Housing and Community <br />Development (DHCD) to encourage communities to create additional rental units. If this <br />formula for determining compliance should change, Lexington's SHI figure would drop to <br />around 5.5%, or roughly half -- an incentive to continue to fund affordable housing projects. <br />It is important to recognize that an adequate stock of affordable community housing is an <br />important Lexington goal independent of the desire to avoid overly dense or otherwise <br />undesirable housing developments. Beginning as a farming community, Lexington has <br />become a suburban residential and commercial center with a population that is both <br />ethnically and economically diverse. After World War II, it attracted a large number of <br />residents involved in academic and scientific pursuits at nearby universities. Since then, its <br />excellent schools and other amenities have continued to draw new residents, many with <br />origins outside the United States. While the median household income in the Town is well <br />above the State's median- $138,095 for Lexington in 2012 - Lexington's profile increasingly <br />includes retiring seniors who need less costly housing to stay in Town, as well as municipal <br />employees, veterans, and others who seek more modest housing. At present, Lexington <br />housing is largely unaffordable to young singles and families between 20 and 45, depriving <br />the Town of the contributions of this demographic. Traditionally, Lexington's culture has not <br />been based primarily on the high price of admission, that is, expensive housing. The Town <br />has evolved as a place of academic and professional achievement with a commitment to <br />diversity and shared community involvement. The commitment to providing a range of <br />housing opportunities is a part of the Town's character. <br />GOALS <br />1. Preservation and support of existing community housing, including State and <br />Federally subsidized units. <br />a.) Preservation of existing community housing by addressing needed capital <br />improvements that go beyond normal maintenance, such as the following recent projects <br />managed by the LHA: <br />• Installation of drainage structures and replacement of failing siding at <br />Vynebrooke Village; and <br />• Replacement of windows and roofs at Greeley Village. <br />b.) Financial support to LexHAB toward current acquisitions and renovations so that it can <br />maintain reserve funds sufficient to purchase community housing units at such time as <br />their deed restrictions expire. <br />2. Creation of additional units of affordable housing at an annual rate which will allow <br />Lexington, at a minimum, to maintain its current Subsidized Housing Inventory of <br />State -approved community housing at approximately 11% of the Town's housing stock. <br />10 <br />
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