Special Town Board Meeting September 4, 2008 at 6:00 P.M. held at the Town Hall in Schroon Lake N.Y.

Present:

Town Supervisor:                Cathy Moses

Councilpersons:                   Roger Friedman, Mike Marnell, Clara Phibbs and Mark Whitney

Highway Superintendent:  Dana Shaughnessy

Town Clerk:                        Patricia Savarie

Also Present:                       See attached

            The meeting was called to order at 6:00 P.M. with a presentation by Alan Hipps from Housing Assistance on Affordable Housing.  Alan is part of the Adirondack Community Housing Trust which is a non-profit organization and their main goal is to preserve the quality and affordability of housing in the Adirondack Park for low and moderate income people in the future.  The 2007 program scope in Essex County helped 31 families receive both counseling and financing from HAPEC.  The homebuyer program financed 7% of the 446 Essex County Sales in 2007 and 14% of all sales below $126,000.  Adirondack Community Housing Trust incorporated in March of 2007. The first home closed in March of 2008.   Land is held by a non-profit corporation (ACHT) and the owner has a deed to the home and all other improvements.  Homeowners have a 99 year land lease plus 99 year option. 

            Properties come into the Trust in three ways.  A house can be a gift, they buy properties outright and buyers driven model.  The goal of the ACHT is to build 30 homes a year, 70% enter through buyer driven model. Selling the home is subject to a price cap, 25% will go to the seller and 75% will remain in the home. All ACHT properties are taxed at market value versus resale restricted assessment.  Each homeowner must participate in 6 hours of training on the role of the bank realtor, assessors, appraisers and surveyors, also a 2 hour one on one session on personal financial coaching.  This is a Housing Trust that works Park wide.