Lowell Affordable Housing Fund Board - September 16, 2026

The Lowell Affordable Housing Fund Board held a meeting on September 16, 2026, focused primarily on reviewing and approving a $1.9 million loan appropriation to Mills Square LLC and Bridge Crossing LLC for the creation of 28 affordable housing units. The discussion included detailed questions about fair housing marketing plans, tenant income qualifications, deed restrictions, and project timelines. Board members expressed support for the project, emphasizing the importance of preserving existing affordable units without displacing current tenants. The loan is structured as repayable seed money to enable future affordable housing projects. The board also requested updated financial reports on the fund balance and loan payments, with a motion passed to receive an accounting update at the next meeting. The meeting concluded with the approval of the loan and adjournment.