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Page 1 of 2 Affordable Housing Trust Meeting Minutes of October 23, 2023 11:30 am Virtual meeting on Zoom Affordable Housing Trust Board Members present: Elaine Tung, Chair; Mark Sandeen, William Erickson, Tiffany Payne, Linda Prosnitz Staff present: Ragi Ramachandran, Administrative Assistant Other attendees: Elizabeth Rust, RHSO; Sarah Morrison, LexHAB Director; Lester Savage, LexHAB Vice-Chair Ms. Tung chaired the zoom meeting and called the meeting to order at 11:43 am. 1. Executive session to discuss a potential real estate acquisition Upon motion duly made and seconded it was voted 5-0 by roll call unanimously to go into Executive session to consider the purchase, exchange, lease or value of real property at 497 Massachusetts Avenue. Further, the Affordable Housing Trust Chair declared that an open meeting may have a detrimental effect on the negotiating position of the Town. The Affordable Housing Trust will not reconvene an open session at the conclusion of the Executive session. 497 Massachusetts Avenue Ms. Morrison updated the members on the possible purchase of 497 Massachusetts Avenue in Lexington. The offers are due at 2pm on Oct 23. LexHAB requested up to $700,000 from the Trust for the purchase of the property at 497 Massachusetts Avenue. The two-family building is situated in a convenient location with respect to its accessibility to services and transportation. It has one unit on top of the other, the units are well cared for, there are two bedrooms in each unit, and four parking spaces. LexHAB is planning to make an offer for $950,000 for the purchase. LexHAB has $400,000 of CPC funds and is looking for the balance of up to $700,000 from the Trust. LexHAB is prepared to make any necessary immediate repairs required. LexHAB will work with MassSave to upgrade the energy efficiency of the property. The purchase will add two units of affordable housing to the Subsidized Housing Inventory following the LIP application process. There is a tenant in one of the units. The tenant will be given 30 – 60day notice to move out, and to find suitable housing. The Trust discussed the process of the regulatory agreement and the affordability restriction that restricts the property in perpetuity. The EOHLC, LexHAB and Town will all be parties to the restriction, and it is a standard LIP regulatory agreement. LexHAB will go through the LIP LAU application process after purchasing the unit. LexHAB shared the anticipated closing time is approximately end of November – early December. The Trust reviewed and discussed LexHAB’s request in detail. The Trust felt the property is well protected from a tear down, the price is attractive, and the property has great potential in the long term. Funding for such a property purchase aligns with the purpose the Trust was set up