How is affordable housing financed?

Typically, all affordable housing requires 6-12 different sources of funding from state, federal, and private sources, including government grants, low-income housing tax credits, private investments, and loans to finance the development, construction, and operation of housing that is affordable. A local commitment is required to leverage these other funding sources.

Almost all of these specialized subsidies target the creation of affordable housing for rentals. Creating affordable homes for owners would require the Town to provide the bulk of the funding."

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1. Why is there an urgent need for housing that is affordable?
2. Who lives in affordable housing?
3. What are the benefits for Lexington as a community of approving Article 33?
4. What is Article 33 asking Town Meeting to do?
5. What is Parcel 68-44?
6. Why are the Select Board and the Affordable Housing Trust considering Parcel 68-44 for affordable housing?
7. Is the Parcel feasible to develop?
8. What are the goals for this parcel?
9. Why all affordable?
10. What comes next?
11. What are the Town's options for this parcel if Warrant Article 33 passes?
12. Who develops affordable housing?
13. How is affordable housing financed?
14. What will be the Town's anticipated commitment?
15. Why is a LIP 40B Comprehensive Permit recommended?
16. What is the Comprehensive Permit Process?
17. What is the process followed by the Zoning Board of Appeals?
18. How long will the whole process take?
19. Will the new MBTA Multi-family zoning and the revised Special Residential Development zoning create affordable housing?
20. Is another Town Meeting approval required?
21. What is the Request for Proposals (RFP) likely to include?
22. How much affordable housing is expected to be built?
23. Will a traffic study be conducted?
24. What about walkability to and from the site?
25. What service is provided by Lexpress?
26. How many students are expected?
27. How will this proposal affect property values?
28. Will environmental concerns be considered?
29. Is the infrastructure adequate?
30. What about construction noise, impact on traffic, Lowell Street closures and contractor parking
31. What would be the income of people living there?
32. What are the opportunities for community engagement?
33. Outreach to Date
34. Will the units be affordable in perpetuity?
35. How will affordability be guaranteed in perpetuity?
36. Will any units be "attainable"?
37. Will any units be market rate?
38. Is there a projected cost of building 50 units? Are there sufficient AHT and CPA funds to cover the construction cost?
39. I would like to better understand the Lexpress service as it could be used by future residents of parcel 68-44