Lenox Affordable Housing Committee
October 3, 2011
Minutes
Members present: Dave Klausemeyer (DK), Chair, Jo Anne Magee (JM), Ellen Jacobson (EJ), Debbie Burke (DB) Kate McNulty-Vaughan (KMV) and Olga Weiss (OW).
Also in attendance: Mary Albertson (MA), Town Planner.
DK opened the meeting at 3:02 PM.
Minutes: JM made a motion to approve the minutes of September 6, 2011. ~EJ seconded the motion and the Board voted 5-0-1 to approve. OW abstained because he did not attend the September 6 meeting.
Trustco Bank Presentation
DK welcomed Takla Awad, Assistant Vice President and Margaret Miller, Assistant Manager of Trustco Bank. DK explained the goals and objectives of the Affordable Housing Committee including and a brief overview of the Sawmill Brook Affordable Ownership Project. He concluded by stating that earlier this year Berkshire Bank offered a presentation to the Committee. Berkshire Bank has offered to host a county-wide affordable housing symposium. He encouraged Trustco Bank to participate in this event.
Mr. Awad began his presentation by offering information regarding the history of Trustco Bank. The bank was founded in Schenectady, NY in 1902. In 2002, Trustco expanded into Massachusetts. He explained the residential lending program. The bank has an affordable housing program for first-time home buyers. Income cannot exceed Federal low/moderate income guidelines. It must be a one or two family - owner occupied primary residence. It is a first time homeowner program only. Condominiums do not qualify for this program. Mr. Awad noted that even if one does not meet the guidelines for the first-time homeowner program, the bank offers a mortgage program for up-to 90% financing for one and two-family owner occupied property and up-to 80% financing for condominiums. He
stressed that the bank does not require private mortgage insurance or escrow. OW asked if the bank finances co-op projects. She explained that there are units available at Lenox Heights but it is a co-op and banks seem reluctant to lend to co-ops. Mr. Awad said he was not familiar with co-ops and would have to check on the bank’s lending options for this type of unit.
Discussion ensued regarding the need for affordable housing in Lenox. Members said they looked forward to working with Trustco Bank and thanked Mr. Awad and Ms. Miller for attending the meeting.
MA offered an update on the Peer-to-Peer program. She said she talked to Connie Kruger and she is willing to serve as our peer consultant. MA is working on the paperwork for the Department of Housing and Community Development (DHCD). DHCD will not allow work to begin until the contract is signed and MA was advised that this will take 4 – 6 weeks. Members decided to postpone the November meeting until November 14th to allow time to process the paperwork and invite Ms. Kruger to attend this meeting.
DB offered an update on the Sawmill Brook Project. She said that Trinity Church is very supportive of the project and will host an informational meeting on the project in the late fall.
Other Business - DK said RS formally resigned and two candidates have applied for the position. Discussion ensued regarding the vacancy. Both candidates are very qualified. The consensus of the members was to suggest that one candidate be appointed to the committee and the other candidate be appointed as a Trustee.
The next meeting will be Monday – November 14, 2011 @ 3:00 PM.
Meeting adjourned at 4:38 PM.
Respectfully Submitted,
Mary Albertson, Town Planner
Approved: 11/14/2011
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