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HomeMy WebLinkAboutMinutes - Housing Trust Fund Committee - 03/31/2016 SOUTH BURLINGTON HOUSING TRUST FUND COMMITTEE MARCH 31, 2016 MINUTES The Housing Trust Fund Committee convened at 4:10 PM on Thursday, March 31, 2016 in the Champlain Room at South Burlington City Hall. MEMBERS PRESENT: Edward Levite, Joy Grossman, Larry Kupferman STAFF PRESENT: Kevin Dorn OTHERS: Cindy Reid and Miranda Lescaze, Cathedral Square Chris Snyder, Ken Braverman, Snyder/Braverman The agenda was reordered by the Committee so that the presentation by guests could occur immediately after comments and questions from the public. There were no comments or questions from the public not related to the agenda. The Committee heard a request from Cathedral Square for funding to support a 35 unit mixed income, service enriched affordable senior housing development on Market Street in City Center. Cathedral Square is requesting $100,000 from the Fund which is the total amount available if FY ’16 and ’17 budget allocations are combined. Chris Snyder and Ken Braverman are serving as the development partners and hope to begin construction of the project in September of 2016. Larry moved to recommend to the Council that $50,000 from the FY ’16 budget and $25,000 from the FY ’17 budget be invested from the Housing Trust Fund in the Cathedral Square project. Ed seconded the motion. The motion passed unanimously. The Committee noted that $25,000 would be retained for prospective projects that may come to the City for funding prior to a next budget allocation. The Committee confirmed that Larry will serve as Chair, Ed as Vice Chair, and Joy as Clerk. The Committee considered the recommendations of the predecessor Affordable Housing Trust Fund Feasibility Committee regarding the investment of City funding dedicated to the Trust Fund for the purpose of affordable housing development based upon a report dated May 29, 2014. There was no other business to come before the Committee. The Committee decided that the next meeting would come at the call of the chair. The Committee adjourned at 5:35 PM.