2013-03-18 BOS Packet - Released

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ARTICLE 8 (m) (con’t.) Guidelines for the Use of CPA Funding by LexHAB The following are guidelines agreed upon by the Community Preservation Committee, LexHAB and the Board of Selectmen for the acquisition of affordable units with Town CPA funds. 1.)All units purchased with CPA funds shall be submitted for inclusion on the Subsidized Housing Inventory (SHI). 2.)Each acquisition shall increase the affordable housing stock. Monies shall be spent only on acquisition or rehabilitation of a unit that results in an addition to the pool of affordable units. 3.)Dwellings to be purchased shall be one or two family (single, duplex or Deleted: Units condominium unit). 4.)The size of the units may be up to 1,500 square feet of habitable space. 5.)If LexHAB builds the unit, the size may be 3 bedrooms, expandable to 4. 6.)LexHAB shall try to purchase dwellings on public bus routes, including Lexpress Routes. 7.)Total CPA funds expended for a unit of housing, including legal and professional services, whether built new on purchased land or purchased and renovated, shall not exceed $525,000. 8.)Efforts shall be made to maximize energy efficiency in each unit. 9.)As a general policy, CPA funds shall not be expended for the demolition of any houses listed on the Cultural Resources Inventory. Deleted: or pending listing 10.)When LexHAB identifies a housing unit or land for acquisition, it shall submit a proposal to the CPC and the Capital Expenditures Committee for comment prior to submittal to the Board of Selectmen. Approval by the Board of Selectmen is required for any LexHAB purchase of a unit or of land. 11.)Any property or properties acquired by LexHAB for the creation, preservation or support of community housing with total or partial funding from the CPA shall be subject to a permanent deed restriction limiting its use to the stated acquisition purpose. Such deed restrictions shall be in a form approved by the Massachusetts Department of Housing and Community Development and shall be timely recorded at the appropriate Registry of Deeds.