2021-05-04-LEXHAB-min - Laserfiche WebLink

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LexHAB Board Meeting May 4,2021,2021-8:00 AM—HELD BY Remote Connection Open to Public Minutes of the rneeting held virtually due to COWD — 19 on May 4, 2021 at 3:00 am Members present were. Bob Burbidge, Bill Kennedy, Henry Liu, Les Savage, Bob Phelan, Martha Wood, Gerry Howell, Donna Leary Bill Hays. Also present were Pearlene Varjabedian, Housing Director and Karen Iverson, Regina Brown, Financial Administrator, Patricia S. Nelson, counsel to LexHAB, Bob Pressman of the Lexington Housing Partnership, Elizabeth Rust, RHSO, Carol Kowalski- Assistant Town Manager-Town of Lexington, Tara Mizrahi—Affirmative Investments The Chairman, Bob Burbidge presided. Lex Media recording. AFFORDABLE HOUSING TRUST - Carol Kowalski reviewed how this was initiated. Select Board wanted to be informed about Housing Trusts. There was a sense of wanting to have a greater amount of affordable housing in Lexington. - Affordable Housing Trust is a form of trust that the legislature adapted making it easier for municipalities to have a trust. - A trust allows the Town to use within the stabilization fund. - Housing Development Corporation —Similar to LEXHAB. There would be degrees of municipal control. There is an option to reconstitute LEXHAB as a Corporation. - There is a distinction with a Community Development Corporation —this can have a broader scope that involves healthcare, support of small business etc.... - Liz Rust, RHSO reviewed the Housing Corporation which is a separate entity from the Town. Separate from 501C3. - CDC 40H is a specialized form of Non-Profits. Resident engagement and how board members serve and participate. - A housing trust would be on the Town side as a receptacle to receive in for later use. - Carol Kowalski indicated a Housing Trust would be managed by Town Finance Department—Agency of the Town. - Bob Pressman inquired if the Trust would be a replacement for the stabilization fund? - The Trust has its own Trustees governed by a declaration of Trust. Lexington would develop its own Trust and tie in certain activities with the Select Board approval. - Bill Kennedy inquired — how the Development Corporation deals with public bidding, procurement, and labor standards? - Liz Rust referred to Procurement Law Ch 30B and Prevailing Wage L:aw Ch 247/9 - Members are appointed by the Town. Follow open meeting law. - Carol Kowalski believes the Trust would reduce restrictions and burden on LEXHAB so that we may fulfill the LEXHAB mission. The Housing Development Corporation needs a solid director. - Lester Savage inquired about existing assets and issues of transferring the Liz Rust responded that the Deed that the Deed wild be transferred to the Trust and it is a huge aspect once the entities are set up. Municipal Affordable Housing Trust is subject to all Municipal laws. - The trust would not be subject to taxes, it would have its own Taxpayer ID.