The committee devoted considerable time to the Devon Crest housing proposal, which has sparked concerns about long-term affordability and the impact on the local community. The proposal involves 114 units, with only 35 designated as affordable, raising questions about the sustainability of these units remaining accessible to residents in the future. The committee expressed skepticism about whether the affordability measures would last “in perpetuity” and examined the potential need for tax credits to maintain affordability, drawing comparisons to another project, Air Commons.

A key point of contention was the effectiveness of the voucher system, which would require the 35 units to be affordable through the use of vouchers. The committee highlighted the challenges posed by long waiting lists for vouchers, questioning whether 35 families could realistically qualify. Concerns were also raised about the developers’ motivations, with some members worried that the developers might be more interested in financial gain than in providing community benefits. The committee underscored the importance of establishing deed restrictions and marketing plans to ensure ongoing affordability, emphasizing that any funding allocations from the Community Preservation Committee would require approval from the newly renamed Department of Housing and Livable Communities.

The meeting also addressed the financial implications of the proposed housing units. The rent for a two-bedroom unit in the area currently ranges from $1,600 to $1,800, but the proposed rent of $2,400 for these units was deemed excessively high. This sparked discussions on the need for legal expertise to navigate the regulatory framework for housing restrictions, with suggestions for creating a separate budget category for legal expenses. The committee acknowledged past experiences with Habitat for Humanity that required collaboration with legal departments to ensure compliance with restrictions and requirements before financial transfers.

In addition to the housing discussions, the committee explored the necessity of audits for their financial operations. The committee debated the need for an external audit, given the simplicity of current financial transactions, but recognized the importance of maintaining transparency and fiscal responsibility. There was a suggestion to modify bylaws to allow for discretion on whether an audit was necessary, especially in years without external funding sources. This led to discussions about budgeting for an audit this year while considering potential bylaw changes for future years.

The status of the IDFA funds also featured prominently in the meeting. A new economic development director is set to assume office soon, and there was optimism about the future management of the IDFA under new leadership. The committee expressed a desire to pursue discussions on the financial strategy for IDFA funds and any potential governance changes related to the budget and audits.

Other administrative matters discussed included the reorganization and reappointment of trust members, recognizing the need to ensure continuity in the trust’s work. The committee acknowledged that the Devon Crest proposal might overshadow other initiatives, emphasizing the need to remain adaptive in their approach to addressing the housing crisis while being mindful of their financial responsibilities to the town and its taxpayers.