HomeMy WebLinkAbout2014-08-13-LEXHAB-minLexHAB
Minutes of meeting held on August 13, 2014
The meeting opened at 7:16 A.M. at the new offices of Lexhab at 1620 Massachusetts
Avenue in Lexington.
Members of the Board present were Bill Kennedy (Chairman), Dave Eagle, Lester
Savage, Bill Hays and Gerry Howell. Also present was Bob Pressman.
Bill Kennedy as Chairman presided.
1. Minutes The minutes of the Meeting on June 11t (there having been no meeting in
July) were unanimously approved and adopted as presented.
2. Financials
A. Profit and Loss Statement for the 1 d 5five months of 2014
Gerry Howell pointed out that compared to the similar period in 2013:
- Snow Plowing was higher
- Utilities were higher, mainly due to our absorbtion of utility costs during rehab
of vacated units.
- Professional Services were higher by reason of the inclusion in the current
period of the Audit fees for 2013.
- As a result of the above, net income for the period was lower than last year's
by $8,000.
B. Balance Sheet
Gerry noted that:
- Accounts Receivable are up almost $7,000. Gerry will check to determine how
this relates to our recent efforts to reduce this account.
- The insurance award to LexHAB to cover the flood damage at one of our
Muzzey units has not been received nor has it been entered as a receivable.
3. Busa Project
The Chairman reported that the contract with Metro West has been signed. It covers
for Busa the same work (for Fairview) by Metro West and by Beth Rust. On
Busa, we will work exciusiveiy with Metro West.
In answer to a question, the Chairman noted that Metro West's estimate of costs for
Busa is contained in the contract.
4. Fairview Project
A. ZBA Application:
The Chairman noted that a first draft of our application to the ZBA has been
completed. The draft needs to be expanded to include:
- A description of LexHAB, how it came into being and what are its goals and
purposes.
- An explanation of how the project is to be funded ( 100% of the project costs
will be met by LexHAB; no CPA funding will be involved)
- Some reference to LEHAC should be entered
- Mention should be made to the leases which will provide for annual
inspections by LexHAB
B. Status of Units, Tenant Eligibility and Tenant Selection
The Chairman reported on the recent meeting with Jennifer VanCampen of Metro
West, as a result of which the following is known or seems likely:
- There will be one regulated unit which will be filled pursuant to a lottery.
- There will be three LexHAB units which will be filled on the basis of need.
- We can designate the regulated unit; probably we will want to cause the
regulated unit to be the one that also will be the unit that is handicap accessible, which
will likely be the middle unit in the new building.
- We will also be able from among the LexHAB units to designate one which
will be made available to applicants with a Lexington connection. But a Lexington
connection will be a dor (though not a requirement) for the other two LexHAB units.
Only
- The regulated unit will be offered to applicants whose income is less than 60%
of area median income; the other three units will have a higher income ceiling (80% of
area median income which has been our standard from the beginning) -
- Metro West has quite a long list of area applicants who have been screened
and are qualified. This is called a Ready Renters List. There are some Lexington residents
(or families with a Lexington connection) on this list. But Metro West will underwrite an
advertising program designed to pull in additional applicants with a Lexington
connection. To the extent we are aware of potential applicants with a Lexington
connection, we will be able to add them to the list.
- In the end, there will be three pools of applicants: one will include applicants
whose income is 60% or less of AMI; the second will include persons with a Lexington
connection whose income does not exceed 80 of AlVII and the third will be other
applicants with income below 80% of AMI.
- Need will be determined on a point scale: applicants will receive up to three
points based on need, which will include evaluation of present housing, homelessness and
economic distress. An additional point will be awarded for a Lexington connection and
there will be a fifth point awarded on family size.
5. Parker School
In Pat's absence. There was no report.
6. Next Meeting
The next meeting will be on September 10th at 1620 Massachusetts Ave.
A new coffee schedule will be appended to these minutes
The meeting adjourned at 8:20 A.M.
Respectfully Q bmitted
Pro Tem