Lowell Affordable Housing Fund Board - May 20, 2026

The Lowell Affordable Housing Fund Board held a meeting on May 20, 2026, focusing primarily on updates related to affordable housing loan programs and funding opportunities. Key procurement-related discussions included the selection of third-party loan services to manage the collection of affordable housing trust fund loans and the recording of 20-year affordability restrictions tied to loan fundings, exemplified by a recent successful loan at 267 Pawtucket Street. Finance Manager Jessica Finnegan provided an in-depth overview of the loan terms, emphasizing the importance of 20-year deed restrictions and fully amortizing loans under ARPA funding guidelines, including the concept of presumptive eligibility for federal compliance. The board discussed the challenges of loan repayment timelines, the flexibility of loan terms, and contingency plans for unallocated ARPA funds to ensure compliance and effective use of resources. The meeting concluded with scheduling the next meeting and a motion to adjourn.