2022-07-13-LEXHAB-min - Laserfiche WebLink

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Lexington Housing Assistance Board Monthly Board Meeting Minutes July 13, 2022 – 4-6 pm – Conducted in the Hudson Room, Cary Hall Call to Order A meeting of the Lexington Housing Assistance Board (LexHAB) was called to order at 4:05 pm. LexHAB members present were Bob Burbidge (Chair), Bill Kennedy (Clerk), Donna Leary, Tara Mizrahi, Henry Liu, and Gerry Howell (Treasurer). Bob Phelan was absent. Lester Savage (Vice-Chair) and Jonathan Silverstein joined by phone. Also present were Sarah Morrison (LexHAB Executive Director) and Pearlene Varjabedean (LexHAB Housing Director) Minutes review of June 1, 2022, Meeting A motion was made and seconded to approve June 1, 2022 meeting minutes and was approved by a roll call vote. Executive Director Update Sarah Morrison outlined recent activities: • Funding Updates: Final report to Dana Home to submit July 15, Accepted CEL $5,000 award. • Strategic Planning: Third and final planning session completed July 11. Drafting written document for review. • Transition: Tara Mizrahi, Jonathan Silverstein and Sarah Morrison have been meeting to assess costs and benefits of becoming 501c3 since June board meeting • PR/Collaboration: LexHAB supported Library book talk with Bill McKibben June 27; local housing organizations meeting for informal mini housing summit July 26, Planning Board reviewing Town housing goals in comprehensive plan July 13, Collaboration with LexArt on ‘Home’ painting exhibit in 2023 to highlight housing crisis and importance of homes for all incomes LexHAB Transition • Sarah Morrison shared assessment of costs and benefits of LexHAB transitioning to a 501c3 from its current organizational status as a quasi-municipal entity. Sarah Morrison, Tara Mizrahi and Jonathan Silverstein have been investigating the option of transitioning to a 501c3 in consultation with Town Counsel and members of the Affordable Housing Trust Committee. • As a 501c3, LexHAB would pay less for development costs. For the Vine Street project, the potential savings would be approximately $400,000, according to professional cost estimator. Once projects go out to bid, the savings could increase to as much as 30% of the total cost of the project. As a 501c3 LexHAB would also be able to access a developer’s fee of approximately 10%. • As a 501c3, LexHAB would have a clear organizational status allowing tax-deductible donations and eligibility for wider funding opportunities as well as the ability to partner with other organizations on development opportunities. • As a 501c3, LexHAB would pay more for property insurance and would need to acquire Director and Officer’s insurance. Currently, LexHAB’s property insurance is bundled with all of the Town Properties at a significant savings. LexHAB’s new expenses for property insurance would range between $55,000 to $78,000 ($700-$1,000 a unit). • A motion was made and seconded to proceed with next steps to transition LexHAB to a 501c3 organization in collaboration with Town. The motion was approved by a roll call vote. Gerry Howell abstained. • Next steps include working with the Affordable Housing Trust Committee and the Town to evaluate the appropriate timeline and procedure. Current assessment is that a Home Rule petition should be submitted to the State Legislature at the beginning of the next legislative cycle. Affordable Housing Trust Committee • Tara Mizrahi outlined the recent work of the Affordable Housing Trust Committee and the goals: to create Affordable Housing Trust in order to make affordable housing development more efficient and nimble as well as to make a recommendation on a Housing Development Corporation or Community Development Corporation. Presented proposal for an Affordable Housing Trust to Capitol Expenditures Committee June 6.