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for to which Mr. Addelson replied that it had not. He noted that the $217,000 and the returned funds from closed projects were not part of the $6 million total. A motion was made regarding the anticipated $125,000 deficit; “that in the event that it becomes necessary to reallocate funds at the Special Town Meeting, the CPC authorizes such reallocation, and if the reallocation is not necessary at that time, the CPC will defer the decision until the end of the year”. This motion was seconded, voted and approved, (8-0). 4.Discussion of a Lexington Housing Trust – LexHAB Co-Chairs, Mr. Bill Hays and Mr. Bill Kennedy met with the CPC to discuss the possibility of creating a Lexington Housing Trust. Mr. Aaron Henry, senior planner was also present for the discussion. Mr. Hayes presented a lengthy argument for establishing a Housing Trust in Lexington. He noted that the timing of the CPC process is awkward and wasteful for four reasons. One, once LexHAB seeks approval at Town Meeting, the units have already been purchased. He stated that there is some disagreement with this process, and that he would like to arrive upon a solution to rectify this situation. Secondly, Mr. Hays stated that the process now necessitates two closings, one when LexHAB purchases a unit, and a second when the Town closes on the transfer of funds. He said this is duplicative and costly and that the units cannot be put on the Subsidized Housing Inventory (SHI) list until the Town has closed, often months after money is available on July 1. Thirdly, there are economic costs borne by both LexHAB and the Town due to the time delays associated with closing. Mr. Hays explained the LexHAB has to hold the property through the Town Meeting process until funds are available July 1, and that due to delays in the Town’s closing, interest costs incurred by LexHAB over the last three years have approached $100,000. He also noted that Town staff time is wasted in preparing documents for the second closing. Finally, Mr. Hays pointed out that the units remain vacant for up to a year and a half while the restrictions are prepared and the Town closing takes place. He suggested that tenants could be placed on the SHI list earlier if there were just one closing. In summary, Mr. Hays proposed that the Town initiate the formation of a Lexington Housing Trust. He noted that legally, LexHAB already functions as a housing trust, and that few changes would have to be made to formalize its role. He added that in place of LexHAB functioning as the Trust, a separate trust could also be formed. He explained the process by which monies could be approved by the CPC, deposited with the Trust and used at a later date. Upon developing a proposal for the purchase of a property, Mr. Hays stated that the Trust would return to the Board of Selectmen and CPC for approval prior to the purchase of any units. The CPC and Board of Selectmen would 4