2007-11-12-CPC-min - Laserfiche WebLink

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- Should the town get a share of the appreciation in value of the house on resale? (perhaps--consider the loan more like an investment by the town) - Are there banks already willing to be in the program? (yes, they have been consulting with local banks in conceptual terms) - Would we get more benefit from using CPA funds for multifamily developments? (because this is a homebuyers program, not a rental program, it would create greater economic diversity, and the $150,000/unit is not a significant amount) - How would the administrative person work? Could it be a town employee? (yes, they would likely work with the Planning Department) - Attachment B to the application assumes the program will continue for a long time, with substantial contributions from CPA. What if CPC doesn’t fund the program in future years? What if the CPA program in Lexington is cancelled? (need to project less favorable scenarios) - Are there other grant sources for this type of program? (no) - Do the units purchased qualify for the 40B inventory? (no, because the loans are available to individuals at 100% of the AME, and 40B only allows housing for those at 80% of the AME. But since the program would involve the purchase of existing homes, it wouldn’t adversely affect the town’s 40B inventory) b. Lexington Site Analysis Project Mr. Bicknell introduced this project. In 2001 a study was prepared identifying all of the properties in town that could be used for affordable housing. The Housing Partnership would like to update and expand this report to identify all properties in town, with descriptions, appropriateness for housing (e.g. are there wetlands), tax status, and GIS mapping. This would enable the town to bid on the properties as they became available. However, the information would have to be kept somewhat confidential, as the report could also become a valuable resource for developers. Apparently Bedford funds a program like this and keeps the information in a private housing foundation. There was discussion about how this project would complement/overlap the GIS programs already underway in the town, including those in the Planning Department and the Conservation Commission, and it was suggested that the CPC have someone come in to explain the various initiatives to the committee. 2. Next Meetings Betsey reminded everyone that on Wednesday, November 14, we will meet at 8:30 at the Old Res to view the proposed dam rebuilding project. We will also meet that afternoon at 4:00 on the Hancock-Clarke House and Town Offices ADA ramp projects. 3. Adjournment The meeting was adjourned at 5:40 p.m. 2