HomeMy WebLinkAbout2025-09-11-AHTBT-min.pdf
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Affordable Housing Trust
Meeting Minutes of September 11, 2025 9:00 am
Virtual meeting on Zoom
Affordable Housing Trust Board Members present: Elaine Tung, Chair; William Erickson, Linda
Prosnitz, Tiffany Payne
Absent: Mark Sandeen
Staff present: Carol Kowalski, Assistant Town Manager for Development; Ragi Ramachandran,
Administrative Assistant
Ms. Tung chaired the virtual meeting and called the meeting to order at 9:12 am.
FY2025 Finances
Ms. Tung reported that Steve Bartha, Town Manager, Carolyn Kosnoff, Assistant Town Manager
for Finance, Mr. Sandeen and Ms. Tung met on Sept. 5, 2025 to discuss the Affordable Housing
Trust finance process. They will meet again later to review and finalize the process.
There was continued discussion on FY25 Affordable Housing Trust fund balance. Ms. Tung
presented the FY25 Funding Memo from Finance office, and the Trustees reviewed the Contract
Services Expense Summary in detail.
Ms. Tung reported that Mr. Bartha had notified her that the Town would remove the RHSO
invoice from the Trust FY25 expenses.
Ms. Tung noted that the total legal fees incurred for FY25 was received recently. It had increased
from $42,400 to $43,440.50 since the time it was presented last at the Trust meeting on Aug. 20,
2025. Ms. Tung noted that a bill from Bonz and Company was pending for FY25, and it can be
paid out of $2,500 encumbered for this purpose.
Ms. Tung asked if the Trustees were ok with Ms. Tung reviewing the le gal bills every month and
approving them along with someone from Town staff. The Trustees were in agreement.
The Trustees reviewed legal expenses of $43,440.50 for fiscal year 2025, which included costs
related to the Lowell Street Land Disposition Agreement and LexHAB projects. They discussed
the need for more detailed breakdown of expenses in the future, and agreed to consider monthly
or quarterly statements from the Finance Department.
Ms. Tung requested a motion for the Affordable Housing Trust to approve $43,440.50 for FY25
legal expenses, and other expenses that were listed in the funding memo dated Aug. 15, 2025
from Finance, excluding the $6,400 for RHSO services. Ms. Prosnitz seconded. The Trustees
voted in favor of the motion 4-0-0, by a roll call vote (Payne – yes, Erickson – yes, Prosnitz –
yes, Tung – yes).
Adjourn:
Ms. Tung requested a motion to adjourn the Affordable Housing Trust Meeting. Mr. Erickson
moved. Ms. Prosnitz seconded. The Trustees voted in favor of the motion 4-0-0, by roll call vote
(Payne – yes, Prosnitz- yes, Erickson- yes, Tung- yes)
The meeting adjourned at 9:30 am.
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List of documents reviewed
1. AHT Fund Balance Summary – Memo from Finance
2. AHT FY25 Contract Services Expense Details