Lowell Affordable Housing Fund Board - August 19, 2026

The Lowell Affordable Housing Fund Board held a meeting on August 19, 2026, focusing primarily on a $1.9 million funding request for the creation of 28 affordable housing units presented by representatives from Mills Square LLC and Bridge Crossing LLC. The presentation detailed the project’s scope, financing structure, and the developers' extensive experience, emphasizing the importance of deed-restricted affordable units and sustainability features. The board discussed the financing breakdown, including loan restructuring and additional funding sources, and requested further documentation for review before a vote at the next meeting. Additionally, the board approved a $7,500 administrative stipend for the Affordable Housing Trust Fund for 2027, with potential funding from Community Preservation Act (CPC) funds. Updates on loan servicing and future meeting scheduling were also provided.