Affordable Housing Trust Study Committee - AHTSC - Charge - SEP 2021

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AFFORDABLE HOUSING TRUST STUDY COMMITTEE Members: 7 Appointed by: Select Board Length of Term: Three years or until completion and filing report with the Select Board. Committee composition: The Committee shall be composed of seven members, plus a non-voting liaison of the Select Board. Other members may include individuals with experience in real estate lending or finance, land useor real estate law, real estate development, affordable housing development, housing advocacy, planning, racial equity, accessibility, sustainability/resiliency, or architecture. The Committee members shall elect a Chair and Vice Chair. Staff support: Land Use Health & Development Department and the Regional Housing Services Office. Budget: An appropriation will be requested for consulting services from individuals or firms experienced in housing trusts and non-profit Housing Development Corporations or non-profit Community Development Corporations or other entities eligible to participate in the Massachusetts or other community investment tax credit programs. Committee Mission/Charge: The Committee will have two objectives: • Objective A to bring a proposal to the Select Board and Town Meeting to adopt a Municipal Affordable Housing Trust; • Objective B to develop a proposal for a non-profit Housing Development Corporation or non- profit Community Development Corporation or other entity eligible to participate in the Massachusetts or other community investment tax credit programs. Objective A: Review Lexington's Housing needs as detailed in the current or draft Comprehensive Plan Update (expected completion 2021), census data, data from the Regional Housing Services Office, the reports of the Special Permit Residential Development Ad -Hoc Committee, the Community Preservation Committee, and data from Lexington's housing groups and other relevant sources. Identify affordable housing funding sources, both internal and external to Lexington, including but not limited to grants, donations, foundations, nonprofit organizations, faith organizations, local, state and national foundations and local, state and federal government funding programs. Evaluate and determine whether an affordable housing trust can advance Lexington's housing Goals. Consider and recommend roles and expected interaction between an Affordable Housing Trust and Lexington's existing housing entities (the Housing Authority, LexHab, the Housing Partnership Board, et al.) and potential future entity, i.e., a non-profit Housing Development Corporation or non-profit