Affordable Housing Trust Fund Meeting 10/14/26

The Affordable Housing Trust Fund meeting, held October 14, 2026, reviewed the fund’s finances and housing programs. Approximately $1.667 million was reported as encumbered for two upcoming payments to The Neighborhood Developers. Recent spending included $31,000 for senior home repairs and $12,500 for the Elder Affairs Department; the fund earned $3,765.30 in interest. The board also expected about $53,000 in proceeds from a property sale conducted through an RFP, to be deposited into the trust fund. An offer from a Revere resident was accepted for the affordable unit at 291 Revere Street, with up to $15,000 in reasonable closing costs to be reimbursed. No contract award or vendor selection was reported.

The board approved by unanimous consent the buy-down program event and guideline updates, including a lottery process for qualified applicants in the initial application window to support transparent allocation of subsidies of up to $200,000; the transcript does not clearly capture all details of the eligibility change. The meeting also received updates that the down-payment assistance program had three new applicants and one award, while an ADU loan application remained incomplete. Members heard an update on proposed 40R smart-growth rezoning for the Revere Housing Authority property on Coolidge Street, which would support redevelopment and additional senior housing and requires state approval. No specific purchase or construction contract was approved.