The site was evaluated from a strictly construction and engineering framework. However, the RFP applicants will use many additional factors and criteria to determine the number of units that they will submit in their proposal.
The number of proposed apartments in the development won’t be known until a proposal pursuant to an RFP is accepted by the Select Board. A land disposition agreement or long-term lease negotiated with the affordable housing developer will set forth agreed-upon terms and conditions. Affordable housing funding sources, like federal and state Low-Income Housing Tax Credits, depend on certain economies of scale. These affordable housing tax credits and other funding sources are critical to creating all affordable housing.
A handful of townhomes or duplexes would not be eligible for federal and state subsidies and low-income housing tax credits and in that event, the Town would bear the bulk of the financial burden for construction (See Question #10.) Furthermore, building only a few affordable homes at the Town’s expense would cause the Town to miss out on an extremely rare opportunity to advance its affordable housing goals in a meaningful way. This opportunity is especially important given the urgent need for affordable homes and also considering that Lexington has produced so little affordable housing in the last thirteen years. The addition of affordable homes on the Lowell Street parcel would represent only a small fraction of Lexington’s housing stock which stands at 12,252 homes (Source: US Census 2020). This modest increase would only scratch the surface of addressing affordable housing needs in the area.