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Home My WebLink About1984-01-26-LEXHAB-min.pdf rm ( t --- r P r re, LEXHAB Minutes of the Meeting of January 26 1984 RECEIVED SELECTMEN Preset-4400V . det Dave Eagle Don Wilson Bill Kennedy, Bill Hays, John Zorka, Linda Conrad, Bea Phear T_nter"ie-'s Jean re'.orted that she had spoken with Bob Hutchinson, and he had turned one ag_tlica.At do='n (Holland) was still negotiating with Eric Michaelson; trying to get more income data from the Reichhelds; and requested a meeting and W-2 from the Corazzinis, with the understanding that it was now likely that Rick Corazzini .c :ld _11 out leaving his brother as the only buyer The Town Manager has submitted sixteen names as approved Affida it There :as discussion about the format of the affidavit It was decided that the bac:- ,,_e of the form should be redrafted, with the redraft presented to Kirk ,o-res The changes would clarify section (d) , and update the years Bea reported __ te_eohone conversation with Noyes at which time he said section (d) was only for use in resales however Bill Hays pointed out that the Deed (page 5) refers to i. co--e of the "then-current calendar year' It was felt a purchaser would want a certifi:ate that includes the language in the deed Although the Committee felt we couldn' t control the language the developer uses in his affida-uit it would be courtesy to offer him a draft revised form, with the unaerscatdinc that this was the information we would require for certification when Ley= 3 .s appointed Muzzey Administrator This appo ntment is expected at I, the Seleotme_; s meeting of Janaury 30 Jea. s .:;;ested that she and Bea draft a new affidavit format Financ__. Jean snore with experts about possible state or federal financing assistance, and cc ffi_rnec these conversations with Stephen Doran She concludes that subsidies are a d>m jossiblitr, and also involve restrictive guidelines and red tape It was decided not to :ursue subsidies John Zor- a distributed copies of his worksheet on possible financing of units He an.. Da-e Eagle set a possible Fair rent structure of $750 for 3 bedrooms $650 for 2 bedrooms and $550 for 1 bedroom He then calculated a breakeven figure, assuming a 13 mortgaue He feels it is possible to purchase ten units for $153 400 as a rough estimate He emphasized that all these figures could be shifted around to place ro -e burden or more subsidy on any of the units He also recommended choosing southern exposure (with no energy option) and the ,.i -chen oution plus 11 or full bath These would allow for higher rentals and make f, resale easier It was suggested that LexHAB negotiate with Noyes for a dishwasher, but not the 4I' more e: oensive floor and cabinets of the kitchen option 'I _ It is assumed that utilites would cost $60-$100 depending on the size of the unit John Zorka also suggested that he thought the condo fees would not escalate over the next couple of years, because developers normally figure 30% extra on condo fees in order to avoid immediate escalation Jean asked about the possibility of finding an altruistic bank that might charge less than 13° John thought that we might get better through Noyes, and that would have to be investigated re various options for bank financing Jean and Don were concerned that $750 rent plus $100 heat would put a three bedroom unit out of the reach of low/moderate income families with several children John suggested putting a couple of the one bedroom units higher to offset a subsidy on the three bedroom unit. There was a discussion about the possiblity of getting some tenants who hold sections 8 certificates Don said the rental limits in suburban communities had been recently raised and he was not sure of the current figure, but if the LexHAB rents were in line aith the HUD ceilings the tenants would find us In that case, the tenant would pa• 25% of his income for rent and HUD would pay the balance, but the lease would still be negotiated with the tenant, not with HUD Bill Hays was concerned about possible repercussions if the rents were not tied to purchase price, creating a problem if some lucky person got a deeply subsidized three bedroom unit This will be discur,sed futher Relations with Developer Kirk Noyes had offered to help in the selection of units Bill Hays suggested that we talk 'ith him, in order to keep the lines of communication open Jean said that if LexHAB were appointed Muzzey Administrator at the Selectmen's meeting, she would call him and make overtures re working togetner Next Meeting The next meeting was scheduled for Thursday February 16 at 8 00 pm. room G-15 Respectfully Submitted, Beatrice Phear a•