Item Coversheet
AGENDA ITEM SUMMARY

LEXINGTON BOARD OF SELECTMEN MEETING
AGENDA ITEM TITLE:

Approve and Sign Jefferson Drive at Liberty Ridge Regulatory Agreement
PRESENTER:

Liz Rust, Regional Housing Services Office

ITEM NUMBER:

I.5

SUMMARY:

A vote is requested for this agenda item.

 

As a part of the Jefferson Drive at Liberty Ridge project the developer is required to provide three (3) affordable units for sale.

 

The terms of the affordable housing agreement are provided for in the LIP Regulatory Agreement, which requires approval by the Board of Selectmen. The affordable units will be sold at prices specified in the Regulatory Agreement to persons or households with incomes at or below eighty percent (80%) of the regional median household income (the “Low and Moderate Income Units”);





SUGGESTED MOTION:

Move to approve and authorize the Town Manager to sign the Local Initiative Program - Regulatory Agreement and Declaration of Restrictive Covenants for Ownership, for the Jefferson Drive at Liberty Ridge, located on Jefferson Drive.





FOLLOW-UP:

Regional Housing Services Office


DATE AND APPROXIMATE TIME ON AGENDA:

7/22/2019                            7:55 p.m.

 

ATTACHMENTS:
DescriptionType
Jefferson Drive - Regulatory AgreementBackup Material