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2010-04-05-CPC-ATM-rpt
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2010-04-05-CPC-ATM-rpt
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Minutes - CPC - Community Preservation Committee
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ARTICLE (f) <br /> Project: LexHAB Purchase of Two Properties <br /> CPA Category: Community Housing <br /> Amount Requested: $695,000 <br /> Amount Recommended: $6951000 <br /> CPC Vote: <br /> Project Description: <br /> LexHAB is requesting$695,000 to support LexHAB with its acquisition of two units for which <br /> the Town will receive affordable housing deed restrictions. The affordable housing restrictions <br /> are real property interests which the Town would be acquiring in consideration for its <br /> appropriation of the CPA funds, and are an express requirement of section 12(a) of the CPA <br /> statute. <br /> 142 Emerson Gardens -a two-bedroom, one-bath 830 square foot unit on two floors with access <br /> within the unit, a finished room in the basement, %z bath, laundry and storage and built in 1965. The <br /> unit is within walking distance of an MBTA bus stop and was purchased for$295,000. <br /> • 454 Marrett Road—a three-bedroom, one-bath 1,186 square foot two-floor single family <br /> home on a .56 acre lot, on the MBIA bus route.The home was built in 1930 and has a full attic <br /> and basement. The floors are hardwood but need refinishing. The kitchen and basement are <br /> antiquated and require work for safety reasons. The original 60-amp wiring has never been <br /> updated and must be brought up to code.The house was purchased for$400,000. <br /> The Selectmen and LexHAB have redesigned the method of advertising and selecting renters for CPA- <br /> funded properties in compliance with current state requirements.This will enable the Town to pursue <br /> having the two units count toward the 10% low and moderate-income housing,the so-called 40B <br /> requirement, and to be included on the State's Subsidized Housing Inventory. <br /> Project Goals and Objectives: <br /> As of October 2009,LexHAB owned 61 housing units and was providing housing for 150 persons. <br /> Approximately 84% of these households (50 of the 56 LexHAB occupied units)had a previous Lexington <br /> connection when they moved into LexHAB housing. LexHAB-owned housing units range from 4-bedroom <br /> scattered site homes to one-bedroom condominiums. To date,LexHAB has been supported through its <br /> rents,Town linkage funds, and CPA funding. In addition to the costs of building and maintaining housing <br /> units and condo fees, LexHAB pays all its own office rent,legal fees, and salary for a part time office <br /> manager. <br /> LexHAB traditionally provides housing to persons making up to 80% of the Boston Area Median Income as <br /> set by the federal government which is $66,150 for a 4-person family. It is anticipated that the housing units <br /> for which funding is being sought for FY 2011 will be rented to applicants making no more than 60%of the <br /> Boston Area Median Income which is $54,120 for a 4 person family,thus enabling families with lower <br /> incomes to find housing in Town. <br /> Project Benefit: <br /> To support LexHAB with its acquisition of two units, for which the Town will receive affordable housing <br /> deed restrictions.These two units increase the Town's abihty to meet the housing needs of families with <br /> lower incomes and is an objective noted in the Town's Comprehensive Plan. <br /> Funding Request: The funding request for this project is $695,000. This request includes $295,000 <br /> for142 Emerson Gardens and$400,000 for 454 Marrett Road. LexHAB has covered interest, closing and <br /> rehabilitation costs for both units which amounts to approximately$87,615. <br /> 11 <br />
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