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HomeMy WebLinkAbout2024-09-12-AHTBT-min Page 1 of 2 Affordable Housing Trust Meeting Minutes of September 12, 2024 10:00 am In-person meeting in Hudson room, Cary Hall Affordable Housing Trust Board Members present: Elaine Tung, Chair; Linda Prosnitz, Tiffany Payne, Mark Sandeen (joined at 10:15am) Absent: William Erickson Staff present: Carol Kowalski, Assistant Town Manager for Development; Ragi Ramachandran, Administrative Assistant Ms. Tung chaired the meeting and called the meeting to order at 10:05 am. 1. Approve Meeting Minutes The meeting minutes approval was postponed to next meeting. 2. Chair, Select Board, Board/Committee Liaison and RHSO/staff report Ms. Tung reported that at her request, Wendy Manz, Chair of the Housing Partnership Board will be discussing with the Housing Partnership Board sending a letter to the Massachusetts House Speaker requesting priority for home rule petitions, H2740 and H2741. 3. FY 2026 CPC Application Ms. Tung shared the update from her meeting with Assistant Town Manager for Finance, Carolyn Kosnoff. Ms. Kosnoff suggested creating a budget for the next five years. She felt that establishing a reserve by the Trust was a good idea. Ms. Tung shared that Lexington Housing Authority’s anticipated funding request is updated in the chart. The Trustees discussed the need to create a budget for the next 5 years. Ms. Tung will discuss and verify funding amounts with LexHAB. Ms. Kowlaski agreed to prepare the draft of the CPC application. The CPC application is due on November 1, 2024. 4. Lowell Street Parcel 68-44 The Affordable Housing Trust received a shortlist of four developers from the proposal review working group. The interviews with the shortlisted developers are scheduled for Mon, Sept. 16. The Trustees discussed the interview schedule and on how it will be structured. The site visits for the Trustees to see the developer’s sites will be scheduled following the interviews. Ms. Tung reported that Jeri Foutter and Joseph Rodolfy from Cambridge Savings Bank have offered, as a pro bono community service, to review the financial information of the developers proposing to build affordable housing on th e site. Ms. Kowalski will request the Town Manager send a letter to Ms. Foutter and Mr. Rodolfy formalizing this effort. The developers will send their financial documents to the Purchasing Director, Liz Mancini. A secure link will be sought from the Bank through which the financial information will be sent for Mr. Rodolfy’s review. Page 2 of 2 Ms. Tung and Ms. Kowalski agreed to talk to the developer’s references for a reference check. Executive Session Ms. Tung requested a motion to go into Executive session under Exemption 6 to discuss the value of Parcel 68-44. The Affordable Housing Trust Chair stated that an open meeting might have a detrimental effect on the negotiating position of the Trust. Ms. Prosnitz moved. Mr. Sandeen seconded. The Trustees voted in favor of the motion 4-0-0, by a roll call vote (Payne – yes, Tung – yes, Sandeen – yes, Prosnitz – yes). Ms. Tung stated that the Trust will not reconvene in the open session at the end of the Exe cutive session. The Trustees exited the public meeting for the executive session at 10:32 am.