Canton, Massachusetts · Saved source text
FINCOM 20201221 Minutes
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Canton Finance Committee Minutes Voted on: 1/27/21 801 Washington Street Vote: 7-0-1 Canton, MA 02021 Meeting Minutes December 21, 2020 Finance Committee Members Present: David Clough, Dan Cole, Emilio Mauro, Tim McKenna, Reuki Schutt and Cindy Thomas. Finance Committee Members Absent: Rob Barker and Wai Wong. Guests Present: Ellen Jones, Finance Committee Secretary Lisa Lopez, Community Preservation Committee Randy Scollins, Finance Director Opening: Chair McKenna called the virtual meeting via Zoom to order at 7:02 p.m. Approval of Agenda: Chair McKenna reviewed the agenda. New Business Welcome - New Finance Committee Member — Chair McKenna welcomed new member, Tom Theodore. Discussion and Appointment of Emilio Mauro as the Finance Committee Liaison to the Master Plan Implementation Committee A motion made by Ms. Thomas to recommend Mr. Mauro as the Finance Committee liaison to the Master Planning Implementation Committee was seconded by Ms. Schutt. Roll Call Vote: Mr. Theodore Aye Ms. Schutt Aye Mr. Mauro Aye Mr. Cole Aye The motion passed 7-0-0. Mr. Clough Aye Ms. Thomas Aye Mr. McKenna Aye Housing Trust Presentation — Lisa Lopez Ms. Lopez gave a Power Point Presentation on the objectives of the town establishing a Canton Housing Trust see meeting document). She stated that it was not her intention to have a technical discussion of housing but more of a high level discussion. The Community Preservation Committee would be putting forth an article for the 2021 Annual Town Meeting and was looking for the support of the Finance Committee. Ms. Lopez has been working on a housing task force committee with members such as Town Planner Laura Smead, Planning Board Member Dave McCarthy, Canton Housing Director Mark Roy, Town Administrator Charlie Aspinwall and Town Counsel Paul DeRensis as well as other individuals. Ms. Lopez gave an over view of residents' concerns about housing challenges, Canton having some of the highest rents in the area with median gross rents over $1,600 per month, median sales prices above $600,000 and one-third of Canton residents having salaries below the 80% AMI (area median income for a family of four of about $96,000). Ms. Lopez also provided statistics regarding owner households by income and renter households by income. She further explained that affordable housing is not low-income housing which is considered Section 8 housing, but that affordable housing is more moderately -priced housing that is price so it can be afforded by a household with an income of less than 80% AMI. Canton must still comply with the 10% of housing units being affordable. Currently Canton is at 12%, but is at risk of falling below that level. As more housing units are developed, the total number of housing units grows or denominator grows. Not all affordability restrictions are forever. Over the next 15 years restrictions will expire on approximately 300 Canton units. Without action, Canton could drop to 8.%. The Town needs a plan to buyout expiring restrictions for conversion to permanent restrictions or add restrictions to current housing units. FINCOM 20201221 Minutes.docx Page 1 of 4