Lenox Affordable Housing Trustees Meeting
October 15, 2012
Minutes
Committee Members present: Kate McNulty-Vaughan (KMV), Jo Anne Magee (JAM), and Ellen Jacobson (EJ). Committee Members absent: Debbie Burke and Olga Weiss. Trustees present: Kate McNulty-Vaughan (KMV), Ellen Jacobson (EJ), Jackie McNinch (JM) and Jo Anne Magee (JAM). Trustees absent: Debbie Burke and Olga Weis.
Also in attendance: Mary Albertson (MA), Town Planner.
The Committee Meeting was not formally opened because there was a not a quorum of members present. The opening of the Trustees meeting was delayed because of a lack of quorum. The meeting of the Trustees was opened at 3:20 PM when a quorum was present. It was noted that this was the first meeting without David Klausmeyer. He served as Chair of the Committee and Trustees.
The September minutes were tabled.
The Trustees discussed the Berkshire Taconic Housing Symposium. KM said it was a good networking opportunity.
The Trustees offered sub-committee reports.
Public Relations – EJ said she has not received comments regarding the information she provided at the last meeting. KMV suggested that the materials be forwarded via email and this be discussed at the next meeting. EJ said she talked to the Town Clerk and she will assist with getting the information on the Town of Lenox website. MA offered to get a copy of Connie Kruger’s report on the website.
Mortgage Program – JAM offered an update on behalf of the subcommittee. She said that a meeting was held with Frederick Keator, Chair of the Community Preservation Committee. Mr. Keator encouraged the Trustees to invest in housing programs that will grow the Trust assets. He suggested that the Trustees purchase existing condominium units in projects like Morgan Manor and rent the units to low and moderate income families. Mr. Keator questioned if the proposed mortgage program would grow the assets. Discussion ensued regarding Mr. Keator’s suggestion as well as the proposed mortgage program. JAM felt the Trustees should respond to Mr. Keator’s suggestion and offered to prepare a written response.
The Trustees discussed the pros and cons of the mortgage program. The pros include the fact that it is a small investment and there is a re-capture provision. The re-capture provision could result in a repayment of the mortgage buy-down. The repayment would be pro-rated based on the number of years one lives in the house. The cons are that the units would not be counted on the Subsidized Housing Inventory and the investment does not guarantee long-term affordable housing units.
The consensus of the Trustees was to continue pursuing the mortgage program. It was noted that the Trustees can develop this program without additional approval of other boards and commissions. However, the Trustees felt it was important to have the support of other boards and commissions. It was agreed that this matter should be decided at the next meeting if possible.
Members discussed the next meeting date and time. The next meeting will be November 5 @ 4:00 PM. The consensus was to try a later start time and to limit the meetings to one hour when possible. MA will organize the agenda.
Meeting adjourned at 4:45 PM.
Respectfully Submitted,
Mary Albertson, Town Planner
Approved: 11/5/2012
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