2023-06-08-AHTBT-min - Laserfiche WebLink

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Affordable Housing Trust Meeting Minutes of June 8, 2023 10:30 am Hybrid meeting on Zoom and attended in-person in the Parker room, Town Office Building Affordable Housing Trust Board Members present for the Public Meeting: Elaine Tung, Chair; Mark Sandeen, Linda Prosnitz,Tiffany Payne, William Erickson Lexington Staff present for the Public Meeting: Carol Kowalski, Assistant Town Manager for Development; Ragi Ramachandran, Administrative Assistant; Carolyn Kosnoff, Assistant Town Manager for Finance Other attendees: Elizabeth Rust, RHSO; Kathryn Roy, Bob Pressman Ms. Tung conducted a roll call to ensure all the members of the AHT Board and members of staff present could hear and be heard. Ms. Tung chaired the hybrid meeting and called the meeting to order at 10:35 am. The meeting was recorded by LexMedia for future on-demand viewing. 1. Financial Report Ms. Kosnoff provided the financial update. She shared that the Trust was established officially at the 2022 Fall special Town Meeting. At the 2023 March Town Meeting, funds were appropriated into the Trust. They are CPA funding of$1.51M and the Brookhaven payments for $439,402.27 amounting to a total of about $2M. The CPA money is expected revenue and not available until July 1". The Brookhaven payments are existing funds available for the Trust. Ms. Kosnoff shared that the ongoing funding sources for the Trust will be from the Brookhaven annual mitigation payments, Community Impact Fees from short-term rentals and from the Community Preservation Act. The Trust is also eligible for additional sources of revenue from grants, departmental fees, mitigation payments, etc. She briefly mentioned the Linkage fees that are under the legislature's consideration. Ms. Tung requested information on where the funds are held. Ms. Kosnoff explained that the Town's pooled cash and the Affordable Housing Stabilization funds are in the Massachusetts Municipal Depository Trust (MMDT). The MMDT is earning over 5% interest presently. A dedicated bank account will be opened for the Trust also. She advised that the Trust retain the funds in the MMDT because MMDT's portfolio allows for easy access to the money. If the Trust Page 1 of 4