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Next steps will include engaging Steve LaFerriere to run a pro forma and <br />contacting the Oxbow developers of Wayland to gather information on green <br />development on that site. <br /> <br /> It was noted that Janet Kern from the Lexington Community Sponsored <br />Agriculture proposed that the entire site be used for the sole purpose of farming while <br />Lexington Recreation Department proposed a mixed use development that included <br />affordable housing, recreational use and some agriculture. <br /> <br /> Mr. Bicknell asked that we confirm that the Partnership and Lexhab are <br />making a joint proposal to the Busa subcommittee. <br /> <br /> Ms. Manz is impressed with the level of detail in the concept plan and all <br />agreed. <br /> <br /> The plan was approved by unanimous vote of the Partnership. <br /> <br />b) Down Payment Assistance Program (ADDI) – Karen Sunnarborg <br /> Ms. Sunnarborg reported on the status of the down payment assistance <br />th <br />program to cover closing costs. The next lottery is expected to occur on Nov. 29 for <br />the Lexington Courtyard property on Lowell Street. It is hoped that we can establish <br />one program for all properties starting with Lexington Courtyard. <br /> <br /> The proposal will use funds from the Lexington Foundation to cover closing <br />costs on affordable units for residents that have been vetted by the lottery agent and <br />have qualified for financing. Ms. Sunnarborg points to the increase in closing costs <br />from $2000 to $4000 and that absence of the $8000 tax credit as reasons for offering <br />this financing. All units using this financing will qualify for the SHI. It is anticipated <br />that using $10,000 will cover three to four purchasers. <br /> <br /> Mr. Harden articulated a reason against this advance stating that if a borrower <br />could not afford to commit the 3% of the purchase price then it raises a concern that <br />such buyer might not have the financial wherewithal to make the ongoing financial <br />commitment to the property. <br /> <br /> Ms. McGowan asked about making the funds a loan rather than a grant. Ms. <br />Sunnaborg indicated that we could make a “term loan”. Both Ms. Sunnaborg and Mr. <br />Bicknell indicated that this assistance could give the additional boost to buyers who <br />are otherwise qualified. <br /> <br /> After motion and second to use funds, the vote was passed. <br /> <br /> (Temporary adjournment to hold meeting of the Lexington Housing Foundation) <br /> <br />Lexington Housing Partnership Minutes 2 DRAFT October 28, 2010 <br /> <br />