Loading...
HomeMy WebLinkAbout2023-09-28-AHTBT-min Page 1 of 5 Affordable Housing Trust Meeting Minutes of September 28, 2023 10:00 am Hybrid meeting on Zoom and attended in-person in the Parker room, Town Office Building Affordable Housing Trust Board Members present: Elaine Tung, Chair; Mark Sandeen, William Erickson, Tiffany Payne Members Absent: Linda Prosnitz Staff present: Carol Kowalski, Assistant Town Manager for Development; Ragi Ramachandran, Administrative Assistant Other attendees: Elizabeth Rust, RHSO; Doug Ray, Charles Hornig, Margaret Heitz, Cindy Arens Ms. Tung conducted a roll call to ensure all members of the AHT Board and members of staff present could hear and be heard. Ms. Tung chaired the hybrid meeting and called the me eting to order at 9:04 am. The meeting was recorded by LexMedia for future on-demand viewing. 1. Approval of September 13 meeting minutes Ms. Tung shared her update to the Sept 13 minutes. Ms. Payne moved to approve the minutes of 9/13/23 AHT meeting, as amended. Mr. Erickson seconded. The Trustees voted in favor of the motion 4-0-0, by a roll call vote (Erickson – yes, Tung – yes, Sandeen – yes, Payne – yes). Meeting minutes approved. 2. Chair, Select Board, Board/Committee Liaison and RHSO/staff report Ms. Tung provided an update from the Select Board meeting on Sept 18th. The Select Board is supportive of the Lowell St/North St potential affordable housing concept, proceeding with due diligence on parcel 68-44, and approved submitting a joint pre-funding application with AHT. Ms. Tung stated that she made an error in the Prefunding request amount range. She had indicated at the SB meeting $3.2M - $4M whereas it was supposed to be $3 – $4.2M. The Trust will choose a Pre-funding amount at this meeting and submit it to the Select Board. The Trust was asked by the CPC for input on how the housing partners and AHT should approach applying for funds from the CPC for community housing dollars. Ms. Tung from AHT, LexHAB and Lexington Housing Authority were requested to attend the CPC meeting on Oct 19 to further discuss this. Ms. Payne reported that she reached out to the Lexington Housing Authority. The LHA Director is on maternity leave until next month and they hope to hear more on LHA’s plans once the director is back. Page 2 of 5 Mr. Sandeen reported that he attended the 93 Woburn St LexHAB ribbon cutting ceremony. LexHAB has taken possession of the property, are doing some renovation work and expect for the facility to be occupied in the next few months. Ms. Tung updated that she had met with Bob Peters, the chair of the Planning Board and discussed the Lowell St/North St project. Mr. Peters reportedly considers it a viable location and project. He advised getting as much community input as possible on this parcel. He recommended doing due diligence first to get an idea of what they might be able to do. Ms. Rust shared that LexHAB is having a housing meeting for general public on Oct 25th at 5:30pm at the Lexington High School. It could be informative for the Trust. The meeting is oriented to finding assistance relative to housing in Lexington and the region. Ms. Rust will be a speaker on their panel. This meeting is different than LexHAB’s planned 11/2 meeting on housing. 3. FY25 CPC Application Housing Stakeholders: Ms. Kowalski updated on the Housing Feasibility Study initial findings housing stakeholders presentation. The meeting was well attended. The next step is a full presentation to the Select Board to get their direction on whether to pursue anything further based on the findings, and if there is a preference for mixed income versus all affordable, for sale versus rental. The final report is due in December and at that point there will be a public presentation to share the final feasibility study. Ms. Rust felt the findings from this effort will be something the Trust could draw on for the Lowell St/ North St project to advise on the financing options. Mr. Sandeen suggested including a note on the Housing Feasibility Study presentation, that similar economics could apply for the Lowell/North Street project. Ms. Kowalski agreed. The Housing Feasibility Study presentation will be posted on the LUHD webpage and the link shared with the members. From reviewing the various models in the presentation, Mr. Sandeen felt the 100% affordable with 60% AMI model that offers 45 units, was the best model. Ms. Heitz asked for examples of professions that would qualify at this level. Ms. Kowalski answered that the document with income limits for various levels is on the Town website. It will also be posted on the LUHD webpage. This document includes the 60% limit that helps understand the professions that might qualify. Ms. Rust further explained the AMI limits, noting they are by gross income, not net, and by number of members in the household. The Trust briefly discussed the Housing needs assessment. Ms. Rust stated she will benefit from an in-depth discussion on the details the Trust and Town is looking for in a housing needs assessment, to scope out the work. Ms. Tung shared LHA and LexHAB’s apprehensions over how everyone might be applying for the ‘limited’ community housing dollars to the CPC, and the undesignated funds. The Trust discussed working together with other housing partners in Town. LexHAB had asked if AHT could arrange a meeting with LexHAB and LHA to coordinate efforts on CPC application. Mr. Sandeen suggested Ms. Tung be present at the upcoming CPC meeting on Oct 19 so everyone can discuss together the intentions going forward. This meeting will be attended by LexHAB and LHA representatives. The Trust felt it was a good idea for everyone to come together to discuss the housing needs for the town and application to CPC. Mr. Erickson felt it will be great if LHA and LexHAB were on the development end, and Trust on the financing end. He thought that’s how Town Meeting material had envisioned the Trust and functioning with respect to LHA and LexHAB, and other Page 3 of 5 development partners. The AHT will make a more compelling argument to the CPC if they could project how much LexHAB and LHA needs, the buydown work for MBTA, and other proj ect requirements. Mr. Sandeen concurs with everyone. He shared that LexHAB had bought two properties using ARPA funds in the past but ARPA is not available in the future . LexHAB needs that kind of funding flexibility and AHT would be the ideal, nimble source for that. Ms. Kowalski agrees to the viewpoints of the members and felt AHT being the funding source, and the future non-profit housing development corporations being the builders, is consistent with what was presented to Town Meeting. Ms. Tung suggested the Trust invite LexHAB and LHA to attend the next AHT meeting on Oct 12 to give them some kind of comfort, on how everyone was striving towards the common goal of creating affordable housing in town, and that the Trust will do everything in their powe r to help them achieve their goals. The Trustees agree. Pre-Funding Amount: Mr. Sandeen summarized the reduced revenue projections reported by the Assistant Town Manager for Finance, Carolyn Kosnoff, to the CPC at its recent meeting. The actual balances will be available after the books are closed on FY23. Carolyn Kosnoff had expressed concerns over available funds being much lower than previously reported. Overall there is not enough revenue to meet all goals. The Trust brainstormed on the pre-funding amount to request. The CPC application is due Nov 1st. The CPC reviews all the requests and, if money is short, they ask applicants for revised proposals. CPC doesn’t feel comfortable saying in advance how much they could allocate to each applicant, Mr. Sandeen conveyed. Ms. Rust and Ms. Kowalski recounted that the greater Boston real estate industry report argues against the pending real estate transfer fee legislation, emphasized that Massachusetts Community Preservation Committees are sitting on millions of community housing dollars and not spending it. There are also communities like Cambridge that spend 90% of CPC funds on affordable housing. The Trust agreed it is important to show an amount that has been utilized in the next year. The Trust reviewed and discussed numbers from the pie chart slide showing the CPA fund balance, from pre-funding slides. Mr. Sandeen felt $3.6M would be a good amount to request. Mr. Erickson is in favor of $3.2M. He feels they should stay at the lower end, show utilization of those funds and request higher amount as required the following year. Ms. Payne is in favor of $3.2M - $3.3M. They discussed all housing stakeholders going in collectively and requesting the amount as one team. The Trust evaluated the various aspects of such a request. It will help build the trust among housing partners. The consensus is to bring the $3.2M pre-funding request amount to the 10/12 meeting, and revisit it at that time. Parcel 68-44 – Preliminary site work expenses: Ms. Kowalski shared the estimates for wetland delineation and plot plan, existing conditions survey for parcel 68-44. Three estimates were sought for the survey as required by procurement law. The phase 1 environmental assessment will be included. Ms. Kowalski apprised that the staff will review the scope with the Building commissioner and Conservation director to see if anything’s missing. Mr. Erickson also requested that the surveyor show the sewer inverts on the plan. Ms. Kowalski will review with Mr. Erickson on the consultant they choose. Mr. Erickson will review proposals in addition to staff. Mr. Sandeen made a motion that Affordable Housing Trust approves an appropriation of funds up to $15,000 to cover wetland delineation, plot plan/ existing conditions survey, and Page 4 of 5 Phase 1 environmental assessment, in consultation with Bill Erickson and with AHT, asking the evaluation prioritize the rapid delivery of reports. Ms. Tung seconded. The Trustees voted in favor of the motion 4-0-0, by a roll call vote (Erickson – yes, Tung – yes, Sandeen – yes, Payne – yes). Motion passed. Support Initiatives: The sub groups have not met yet. Mr. Erickson asked, if someone experienced an emergency are there agencies in town to reach out to get through a situation. Ms. Rust answered there is a way to access emergency funds through the town Social Worker in the Human Services Department for purely housing related assistance. SRD, MBTA Multi-family Buy-down: Ms. Kowalski explained the process on how the MBTA buy downs would work. Housing Trust funds would be used to subsidize one or more additional Subsidized Housing units, or to contribute funds to “buy -down” the subsidy of a required Subsidized Housing Unit make it affordable to a tenant or buyer earning 50% (“very low income”) or 60% of area median income. Once the developer and the Housing Trust reach an agreement, Town Counsel would draft the agreement with the necessary terms for the conveyance of the funds and executing and recording the deed restriction to maintain the affordability. When a project comes, Ms. Rust and Town counsel can be involved and there is no risk to the Trust. This program will be included on the application to CPC. Ms. Tung made a motion that Affordable Housing Trust adopts the MBTA Multi -family Buy - downs program as outlined by Ms. Kowalski. Mr. Sandeen ‘so moved’. Ms. Payne seconded. The Trustees voted in favor of the motion 4-0-0, by a roll call vote (Erickson – yes, Tung – yes, Sandeen – yes, Payne – yes). Motion passed. Ms. Tung, Mr. Erickson, and Ms. Kowalski agreed to work on the application to the CPC. 4. SRD Payment In Lieu The Trust asked for an update, and Ms. Kowalski reported that the Planning Board voted for $325 per square foot payment in lieu for site sensitive developments of 6 units or less during the 9/27 Planning Board meeting. 5. New Business Ms. Tung suggested the Trustees watch the recordings she shared from the MHP training sessions on Sept 21 especially the one on financing affordable housing projects https://www.youtube.com/watch?v=gW2RDR4fyog. The upcoming events are 10/25 – LexHAB, and 11/2 – the LexHAB get together where either Mr. Erickson or Mr. Payne will be a panelist. Mr. Sandeen followed up on his request from last meeting inviting the affordable housing developer to meet with the Trust. Ms. Tung indicated that she and Ms. Prosnitz had some non - profit developers references too, and they could potentially dedicate a future meeting for this purpose. 6. Confirm future meeting dates The next two meetings will be on Oct 12 at 10 am and Oct 26 at 10 am. The Oct 12 meeting date to be reviewed post adjournment to confirm most participation. Page 5 of 5 7. Adjourn Adjourned by roll call vote 10:50am (Erickson – yes, Sandeen – yes, Tung – yes, Payne – yes). List of documents reviewed 1. Slide on CPA Fund Balance and Uses