Affordable Housing Trust — June 4, 2026

Lexhab discussed maintaining existing units, the process of hiring a facilities director, and their focus on small developments (-4 units). They highlighted interest in ADUs, purchasing one-bedroom units, and potential development at Vine Street. There was also a debate regarding the use of construction documents for a previous project and the feasibility of Vine Street development given its small size and high costs.

Lexhab clarified that they are not large developers but seek to partner with larger ones and leverage the Trust for funding.

Lexhab expressed a need to discuss 'high water mark' funding thresholds and per-unit costs with the Trust.

The board questioned the confusion regarding the 'ReadyRenter' list versus the lottery list. Lexhab explained that the lottery creates a ranked list from which eligible renters are placed on the ReadyRenter list. Lexhab also noted the challenge of serving a wide range of incomes (30% to 80% AMI) and the need for state vouchers to support the lowest income tiers.

The process was clarified: the lottery is the application phase, and the ReadyRenter list is the resulting pool of eligible candidates.

LHA is working to prevent the loss of 17 federal vouchers due to a HUD deadline. They are targeting the North Street site for a 17-unit development using Low-Income Housing Tax Credits (LIHTC) and Mass Development/Mass Housing financing. They discussed the need for 'official action status' to keep the application alive before an August 13 deadline. The project aims to move from a concept plan to actual development. Discussions centered on unit counts (ranging from 16 to 24), the use of state low-income housing tax credits vs. federal credits, and the impact of prevailing wage and public procurement rules on per-unit costs. There was also discussion regarding the challenge of Section 8 voucher shortfalls.

LHA is moving forward with an architect and targeting a pre-development funding request for this fall. The authority plans to bring a pre-development funding request to the Trust this fall after completing a concept plan and community engagement over the summer.

LHA aims to have a draft concept plan by late September or October 2026 and a full funding request by mid-to-late 2027. Finalize concept plan and stakeholder consultation over the summer; submit pre-development funding request in Fall 2026.

The strategy involves converting public housing units to the Section 8 program to increase income and generate cash flow for capital repairs. This would allow the authority to secure loans for property maintenance without immediate reliance on Trust funds.

The authority is in the early stages of a physical conditions assessment; no immediate funding request was made to the Trust.

Complete physical conditions assessment and financial analysis by the end of summer.

The developer reduced the total units from 46 to 40 but maintained the 15% inclusionary requirement (6 units). The developer argued for keeping the unit mix (2x1BR, 2x2BR, 2x3BR) based on square footage, while board members argued the mix should be based on the percentage of the total unit count.

The board agreed to recommend that inclusionary units follow the unit count percentage (1x1BR, 3x2BR, 2x3BR).

The Chair will present this recommendation to the Planning Board.

The board discussed the logistics of transposing the application online and the outreach needed for various demographics. There was a concern that the current schedule (with an application period around July 4th) might delay the program start and rent payments. The board coordinated how to distribute information regarding a housing initiative to various community entities and stakeholders, involving the town clerk, public schools, the public library, and the community center. They also touched on contacting RHSO (Regional Housing Solutions Office), realtors, and property management companies, as well as utilizing social media and local publications like the Lexington Observer.

The board agreed to attempt to compress the initial phase of the program to avoid delaying the September 1st rent cycle. The board assigned specific tasks for physical drop-offs and digital communications to ensure broad coverage.

Finalize marketing plan and outreach documents; coordinate with the school district and local community centers. The goal is to have the program up and running by next week, with rental checks scheduled to be sent out the week of August 24th.

a speaker noted they had not yet had time to review the application for funding. a speaker offered to walk the board through the document to provide orientation.

Due to time constraints, the discussion was tabled for the next meeting.

Board members are expected to review the application document before the next meeting.

a speaker moved to enter executive session under exemption six to consider the purchase or lease of real property related to MBTA multifamily developmental buy-downs, citing that open session discussion could affect the Trust's negotiating position.

The motion was seconded and passed by a unanimous roll call vote.

The meeting will reconvene in open session after the executive session concludes.