2023-10-19-CPC-min - Laserfiche WebLink

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2 Housing request and that it is the responsibility of the housing community to present the CPC with funding opportunities. Ms. Fenollosa requested that Ms. Tung send a copy of the AHT’s funding guidelines and asked if the AHT would be the project manager for their larger construction projects. Ms. Tung said that she could send the guidelines and that the AHT would only be a funding entity and would not be a project manager. Mr. Pressman commented that CPA funds will not be able to cover all of the AHT’s projected funding needs for the coming fiscal years, but hopes that a real estate transfer fee and Governor Healey’s new housing bond bill will provide other sources for funding. Mr. Creech asked about the AHT’s process for development of the Lowell St / Parcel 68-44 project. Ms. Prosnitz explained that the AHT would seek a request for proposals (RFP) and could make an award based on the selected developer’s final package. The funding could cover pre-development and construction, and there would be strict restrictions around the affordability element. Mr. Creech asked about the difference in process between this project and a previous proposal where developers had not requested town funding and proposed making 25% of their units affordable housing. Ms. Kowalski explained that any action to turn town land into affordable housing would go through Town Meeting and a warrant article would ask to give the Select Board authorization to enter into a land disposition agreement and to issue an RFP with the AHT meeting certain criteria, in this case 100% affordable housing project. Ms. Kowalski shared that there are many subsidy opportunities for 100% affordable projects in addition to the AHT. The project could also receive a deed restriction to restrict the parcel to affordable housing in perpetuity. Ms. O’Brien asked Ms. Tung about the AHT’s current balance and asked about any overlap with the AHT’s capabilities and LexHAB’s operations. The balance of the Trust is slightly less than $2 million and the AHT is strictly a funding entity. Ms. Walker thanked Ms. Tung for the presentation on the AHT, then stated that the purpose of this meeting was for the CPC to develop a policy regarding pre-funding and the ability for non-AHT housing entities to apply for funding and expressed a desire to refocus the meeting on that topic. Mr. Kanter asked about the cause of the Town’s affordable housing losses in the past decade. Ms. Rust answered that the Subsidized Housing Inventory includes confidential units from the Department of Social Services and Department of Mental Health that have decreased over recent years. Ms. Morrison explained LexHAB’s plan to continue seeking funding from the CPC for the preservation, rehabilitation, and restoration of affordable housing properties and to seek funding from the AHT for property acquisitions. LexHAB does not plan on requesting pre- funding from the CPC. LexHAB also supports the AHT receiving as much pre-funding as possible to help address the ongoing affordable housing crisis. Ms. Morrison also shared that LexHAB plans to requests about $470,000 in CPA funding for FY25. Mr. Pressman commented that the CPC has never declined to consider a request eligible for CPA funding, and that while LexHAB can choose not to seek pre-funding, they and the LHA should remain eligible for pre-funding should they ever apply. Ms. Morrison commented that LexHAB’s previous pre-funding requests were for unidentified property acquisitions as opposed to identified property and that she