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HomeMy WebLinkAbout2022-10-12-AHTSC-min The Affordable Housing Trust Study Committee (ad hoc) Meeting Minutes of October 12, 2022 Affordable Housing Trust Study Committee members present for the public meeting: Betsey Weiss, Jeri Foutter, Gretchen Reisig, Tara Murphy, Carol Marine, Linda Prosnitz. Lexington Staff present for the public meeting: Carol Kowalski, Assistant Town Manager for Development; Kiruthika Ramakrishnan, Administrative Assistant. Non-voting liaison of the Select Board: Mark Sandeen Other Attendees: Elizabeth Rust Ms. Reisig conducted a roll call to ensure that all the members of the Affordable Housing Trust Study Committee (ad hoc) and members of staff present could hear and be heard. Ms. Reisig chaired the meeting and called the meeting to order at 4:03 pm. The meeting was recorded by LexMedia for future on-demand viewing. 1. Approval of Minutes The Affordable Housing Trust Study Committee reviewed the draft minutes of the meeting held on 09.28.22. Ms. Murphy moved that the committee approve the minutes of the meeting held on 09.28.22, as presented. Ms. Foutter seconded the motion. The Affordable Housing Trust Study Committee voted in favor of the motion 5-0-0 (Roll Call Murphy- yes, Marine- yes, Prosnitz- yes, Weiss-yes, Foutter- yes). MOTION PASSED. 2. Review outreach meetings and presentations. Review next meetings and next steps Ms. Reisig gave a brief update to the committee about the outreach meetings with the Capital Expenditure Committee (CEC), the Appropriations Committee, the Planning Board, and the League of Women Voters. Response from most of the committee members has been positive and supportive. Upcoming meetings include the Select Board and the Community Preservation Committee (CPC) next week. Ms. Reisig discussed the Planning Board’s upcoming Housing Workshop. The workshop is a community event where residents will discuss locating higher-density housing in Lexington. 3. Further discussion of establishing a threshold for Select Board approval; Borrowing AND Purchases Ms. Reisig discussed with committee members what figure to use for the purchase threshold required for seeking Select Board approval when the Trust wants to purchase property. Ms. Reisig suggested using ‘Home of Median Value’ or ‘Home of Average Value’ for single-family homes as listed in the Town’s Annual Report. Ms. Reisig shared that, according to Ms. Kosnoff, assessed values are roughly within 10% of sales price. Ms. Reisig said that according to the Annual Report, in 2021, a ‘Home of Median Value’ was $1,009,000 and a ‘Home of Average Value’ was $1,129,000. The members felt that the median figure was very low and average sales price be considered. Ms. Reisig reported that upon further discussion with Ms. Kosnoff, the Town could provide the Average Sales Price or the Median Sales Price based on data from the Assessor’s office that is certified by the Department of Revenue. Ms. Reisig shared slides explaining when the Trust must seek Select Board approval for a purchase, also known as the purchase threshold. The committee discussed the contents of the slides and agreed to use sales price rather than assessed value. Then, the committee agreed that the threshold would be based on the average sales price of a single-family home from the prior fiscal year rather than the median sales price. Ms. Kowalski said that getting approval from the Select Board when the purchase price is higher than the threshold allows can be done in Executive Session. Ms. Weiss moved that the Affordable Housing Trust Study Committee vote that the Trust will need Select Board approval for a purchase when the price is above the average sales price of a single-family home from the prior fiscal year. This figure will be based on data certified by the Department of Revenue. The motion was seconded by Ms. Marine. The Affordable Housing Trust Study Committee voted in favor of the motion 5-0-0 (Roll Call Murphy- yes, Marine- yes, Prosnitz- yes, Weiss-yes, Reisig- yes) MOTION PASSED UNANIMOUSLY. 4. Discuss the Committee’s recommendations for the initial appropriations, to fund the Trust when it is passed Ms. Rust suggested the committee discuss and come up with a range but be prepared to revise it based on the future situation. Ms. Kowalski presented a timeline to the committee, outlining the CPC and Town Meeting deadlines. Ms. Kowalski asked the committee to consider asking that funds from the Affordable Housing Stabilization Fund, which include the Brookhaven payments in lieu, be distributed to the to-be-formed Affordable Housing Trust. 5. Funding timelines to consider Ms. Weiss suggested that the committee should put a request for CPC funds and it can be in a placeholder till the Trust was approved, which might be soon after. Ms. Murphy agreed with Ms. Weiss. Mr. Sandeen suggested that during the meeting with the Select Board on 10/17, the committee should only request approvals on the existing proposals and once approved, inform the Select Board about the considerations which will be brought before them in the near future. The committee agreed to the suggestion. Mr. Sandeen suggested the same approach with CPC too. 6. Discuss Liaisons to the Trust’s Board Ms. Reisig wanted the committee to consider a non-voting liaison for the to be formed Trust. Ms. Foutter told the committee that the Select Board will appoint the liaisons and can be appointed at any time. Ms. Kowalski agreed with Ms. Foutter and advised against adding it to the Declaration of Trust or the by law. 7. Miscellaneous Ms. Foutter suggested that the committee should reach out to the Town Meeting Members, listing the salient points to review prior to the meeting. The committee agreed to the idea and decided to send out post cards to all Town Meeting Members. Adjourn Ms. Murphy moved that The Affordable Housing Trust Study Committee adjourn the meeting held on OCTOBER 12, 2022. Ms. Marine seconded the motion. The Affordable Housing Trust Study Committee voted in favor of the motion 5-0-0 (Roll Call Murphy- yes, Marine- yes, Reisig- yes, Weiss-yes, Foutter- yes ) MOTION PASSED. Meeting adjourned at 5:35 pm.