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WHAT IS LEXHAB?
The 1983 Town Meeting authorized the Board of Selectmen to seek legislation to
establish a nonprofit tax exempt housing corporation to be known as the Lexington
Housing Assistance Board, Inc. (LexHAB) . This was seen as an innovative approach
to supporting and developing affordable housing in Lexington that would not
necessarily use state or federal funding and would complement the programs of
the local housing authority
Chapter 521 of 1983 authorizes LexHAB, with approval of the Board of Selectmen,
to acquire or lease, to mortgage or otherwise dispose of real and personal
property; to borrow money and execute notes therefor which shall not be deemed
obligations of the Town of Lexington; and to operate housing facilities and
charge rentals.
LexHAB's purpose is to investigate and implement alternatives for the provision
of affordable housing for persons of low, moderate, and middle income and for
others whose needs may be identified from time to time.
LexHAB's initial focus has been on the acquisition of condominium units in the
former Muzzey Junior High School. The purchase price realized from the sale
of the building will be turned over to LexHAB to be used in the down payment
of up to ten units to be used for rental to low and moderate income people. The
remaining sixty units are to be sold to individuals who meet the Town's income
guidelines. Most, and perhaps all, units at the site will have deed restricitons
to ensure that the housing remains in the affordable category.
The Town of Lexington is proud of this creative mechanism to expand the
opportunities for people with limited income to live in the town, enabling
the town to retain the diversity of population that has historically made it
a progressive and compassionate community.
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May 2 , 1984 Z -;
APRIL 19114
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