2008 CPC Rpt - Laserfiche WebLink

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Project: Survey and Define Affordable Housing Assistance Program CPA Category: Affordable Housing Amount Requested: $25,000 Amount Recommended: $25,000 CPC Vote: Approval (9 -0) Project Description: The Lexington Housing Partnership and LexHAB are requesting $25,000 to study and define an affordable home ownership program for the Town of Lexington. This project will build on the knowledge acquired by other Massachusetts towns that have implemented affordable housing assistance programs using CPA funds, and define parameters for a program that suits Lexington's needs and concerns. Working jointly, LexHAB and the Housing Partnership will consult other town entities such as the Lexington Housing Authority to determine program needs. Project Goals and Objectives: • Survey towns in Massachusetts (such as Chatham, Newton and Cambridge) that have established affordable homebuyer assistance programs using CPA funds. • Develop a Statement of Objectives for a program suited for Lexington. • Summarize program parameters and implementing concepts. • Discuss results with community to inform and gain support. Project Benefit: This project will be an important step in achieving the Town's affordable housing objectives. The Lexington Consolidated Housing Strategy and Plan 2006 -2010 clearly articulates the need for affordable housing. Work force housing to support those providing critical services is needed and it is a known fact that the population of residents in Lexington, ages 25 to 40 years, has decreased by over one third over the last decade. Although the Town is a recognized leader in affordable rental units, it lags in affordable home ownership. The gap between what is affordable and what homes sell for is large and a significant barrier to potential home ownership. If a practical program can be defined to bridge this gap, first -time or other income - qualified homebuyers will have better opportunity to live in Lexington. The benefits of an affordable homebuyer assistance program would: • Create a positive housing climate to support business expansion; • House service providers such as police, fire, health workers and teachers; • Enrich our community values through diversity — promoting our tradition of healthy neighborhoods with a mixture of race, income level and age. Funding Request: The project requests $25,000 of CPA funds to survey and define an affordable housing assistance program for Lexington. The work would be completed by November 2008.