HomeMy WebLinkAbout2025-01-09-AHTBT-min (2)
1
Affordable Housing Trust
Meeting Minutes of January 9, 2025 11:30 am, Executive Session
Hybrid meeting on Zoom and attended in-person in Ellen Stone Room, Cary Hall
Affordable Housing Trust Board Members present: Elaine Tung, Chair; William Erickson, Mark
Sandeen, Linda Prosnitz
Absent: Tiffany Payne
Staff present: Carol Kowalski, Assistant Town Manager for Development; Liz Rust, RHSO
Director; Ragi Ramachandran, Administrative Assistant; Mina Makarious, Jillian Barger, Town
Counsel
Ms. Tung chaired the Executive session that started at 12:29 pm.
Executive Session
Exemption 6: To consider the Value of Real Property – Parcel 68-44.
Ms. Tung moved to go into Executive session under Exemption 6 to consider the value of real
property in connection with Lowell Street Parcel 68-44. The Affordable Housing Trust Chair
stated that an open session might have a detrimental effect on the negotiating position of
Affordable Housing Trust with respect to current discussions on the Land Disposition
Agreement for Parcel 68-44. Ms. Prosnitz moved. Mr. Erickson seconded. The Trustees voted
in favor of the motion 4-0-0, by a roll call vote (Erickson – yes, Sandeen – yes, Prosnitz – yes,
Tung – yes).
Ms. Tung stated that the Trust will not reconvene in the open session after the Executive session.
The Trustees reviewed the draft LDA (Land Disposition Agreement) with Town Counsel. Ms.
Barger walked through the comments received from Causeway, and the revisions to the LDA.
There was discussion on financing contingency, closing condition, and default and remedies
provision in the document. The group discussed the repurchase agreement terms. They decided
to use a master subordination agreement with modifications to include specific terms rather than
attaching a form of SNDA (Subordination, Non-disturbance, and Attornment Agreement) as an
exhibit to the LDA.
Ms. Barger presented the Affordable Housing Restriction for the group’s review. The group
deliberated on the affordability of the project, the allocation of excess cash, and the potential for
future funders to have their own restrictions.
Ms. Rust suggested that the final version of the document be approved by EOHLC before
execution, and that an amendment section be included in the document . Ms. Rust recommended
adding language around tenant selection criteria and anti-discrimination guidelines per state
requirements for perpetual restrictions. The group agreed to consider these points and make
necessary adjustments.
Ms. Barger will update the Affordable Housing Restriction and LDA based on discussions in this
meeting and share it with the group for their review.
Ms. Prosnitz and Ms. Rust will provide additional comments, if there are any, on affordable
housing restriction document. Ms. Barger will send the updated LDA and Affordable Housing
2
Restriction to Causeway Development for their review and feedback. Ms. Tung will request a
quick turnaround on the documents from Causeway.
Mr. Erickson moved to adjourn the Executive session of Affordable Housing Trust. Ms. Prosnitz
seconded. The Trustees voted in favor of the motion 3-0-0, by a roll call vote (Prosnitz – yes,
Erickson – yes, Tung – yes).
The Affordable Housing Trust meeting adjourned at 1:30 pm at the conclusion of the Executive
session.
List of documents reviewed:
1. Lowell St Parcel 68-44 Draft Land Disposition Agreement
2. Draft Affordable Housing Restriction