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2024-03-11-AHTBT-min (2)
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2024-03-11-AHTBT-min (2)
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6/12/2024 9:24:09 AM
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6/11/2024 7:04:36 PM
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2024
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Ragi Ramachandrn, LUHD Staff
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Town Clerk
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Minutes
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<br />1 <br /> <br />Affordable Housing Trust <br />Executive Session - Meeting Minutes of March 11, 2024 10:00 am <br /> <br />Hybrid meeting on Zoom and attended in-person in Parker room, Town Office <br />Building <br /> <br />Affordable Housing Trust Board Members present: Elaine Tung, Chair; Mark Sandeen, Tiffany <br />Payne, Linda Prosnitz, William Erickson <br />Staff present: Ragi Ramachandran, Administrative Assistant <br />Other attendees: Lester Savage <br />Ms. Tung chaired the hybrid meeting and called the meeting to order at 10:01 am. <br /> <br />1. Executive Session <br />Exemption 6: To consider the potential purchase of real property. <br />Mr. Erickson moved for the Affordable Housing Trust to go into Executive session under <br />Exemption 6 to discuss the potential purchase of real property. Ms. Prosnitz seconded. The <br />Trustees voted in favor of the motion 5-0-0, by a roll call vote (Payne – yes, Sandeen – yes, <br />Prosnitz – yes, Tung – yes, Erickson – yes). <br />50 Valleyfield Street Lexington <br />The Trustees reviewed their questions with Mr. Savage about the property. There was discussion <br />on potential income from the property based on the pro forma, handling situations when tenant <br />cannot pay their rent, the lottery application process, income verification process and AMI <br />calculations. To a question on whether there will be an inspection contingency in the purchase <br />and sale agreement, Mr. Savage responded that LexHAB have done the inspections. <br />Mr. Savage explained the rehab estimates were for changing the oil heat to electric heat pumps, <br />removal of asbestos, creating a full bath on the second floor, sanding the floors, removing all the <br />wallpaper, full painting inside, and for de-leading if that is necessary. The closing is planned for <br />May 15 2024. LexHAB has signed the offer, and they will be signing the purchase and sale that <br />week. LexHAB will be using their own funds for the deposit. <br />The Trustees discussed the proposed easement through the property for drainage purposes. <br />Conservation had requested an easement be placed for the culvert that runs through the middle <br />of the property diagonally. The Trustees reviewed the funding request in detail. The consensus <br />was to support the funding to purchase th e property but everyone expressed strongly that it is <br />preferable for the Trust to use its funds to leverage the creation of affordable housing rather than <br />rely on what had been done in the past. <br />The Trust stated their support for LexHAB, and recognized that it’s a unique and exceptional <br />opportunity for a 4-bedroom house in an off-market deal. The Trustees decided not to ask <br />LexHAB to split the savings on the broker’s commission. <br />Ms. Tung requested a motion that the Affordable Housing Trust fund LexHAB for the purchase <br />of 50 Valleyfield Street Lexington in the amount of $600,000, and that Ms. Tung will send <br />LexHAB a letter approving the funding, contingent upon Select Board approval. Mr. Sandeen
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