Minutes
Lincoln Community Preservation Committee
Aug. 21, 2008
Present: Susie Collins, Craig Donaldson, Pam Gallup, John Koenig, Bill Stason, Peter von Mertens, Bryce Wolf
Absent: Colin Smith, John Valpey
This was a joint meeting of the Community Preservation Committee and the trustees of the Lincoln Affordable Housing Trust. Also in attendance were Gary Taylor, Renel Fredriksen, Ellen Meyer Shorb, and Tim Higgins.
The purpose of the meeting was to discuss the proposal from the Lincoln Affordable Housing Trust for the Community Preservation Committee to approve the expenditure of $500,000 of the CPC funds granted to the Trust at TM 2008. The terms of that grant require that “none of those funds shall be expended without the approval of the Community Preservation Committee.”
CMARC is proposing to purchase a single family house on Concord Road for housing persons with developmental disabilities. The asking price for the property is approximately $1,000,000, and CMARC has asked for a grant of $500,000 towards that purchase price. CMARC would grant a second mortgage to the housing trust. The house would add 5 units of affordable housing to Lincoln’s affordable housing inventory. CMARC would be required to preserve the use so that the units remain on the affordable housing inventory for a minimum of 40 years. One open issue is what would happen to the grant over the 40 year period, given that CMARC will be responsible for all maintenance and repairs of the property during the term of its ownership. The committee’s
preference is that CMARC would return the grant to the housing trust under all circumstances in which the house ceases to be used by CMARC for its intended use. Second preference is that the grant would be forgiven in full only after 40 years. Third preference is to forgive the grant on a graduated basis over the 40 year period.
Submitted By: John L. Koenig
Approved: 9/23/2008
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