The newly-established board of the Revere Affordable Housing Trust Fund (RAHTF) held its second-ever meeting last Wednesday, December 14, in the City Council Chamber. The RAHTF, which was created last year by the Mayor Brian Arrigo and the City Council, is in the early stages of trying to determine how it can contribute to alleviating the housing affordability crisis that is having far-reaching effects not only in Revere, but throughout the country. The RAHTF has a mandate that includes: providing programs for rental assistance; subsidies for home repairs for low-income residents and seniors to enable them to stay in their homes; emergency assistance programs; deed restrictions on new housing projects to include affordable units; and potentially constructing affordable housing projects. On hand for the meeting were chairman Joseph Gravallese and fellow members Anayo Osueke, Laia Petri, and Jan Dumas. The principal portion of the meeting consisted of a presentation of data by Tom Skwierawski, the city’s Chief of Planning and Community Development, who painted a stark picture of the lack of affordable housing in Revere. Skwierawsk said that compared to nearby communities, Revere has the lowest household median income, but the highest rents. There are about 12,200 residents who are low-income, of whom 44 percent are extremely low-income and who would qualify for housing assistance of some kind. But right now, there is only one unit available for every seven persons in need, he told the board. He also noted that according to Zillow, sales prices of homes in Revere have increased by 78 percent in the past seven years, from $308,000 in 2015 to $554,000 in 2022. A typical home buyer needs an income of $109,000 to buy a median-priced home in Revere, but that far exceeds the present median household income of $73,000 of the typical Revere resident. He noted that rents for a two-bedroom apartment have skyrocketed by 76% in the past seven years, from $1494 in 2015 to $2635 today. Skwierawsk said that Revere presently has 2,296 affordable housing units, which amount to only 7.9 percent of the city’s housing stock at the present time. He said that this problem will be exacerbated in the immediate future. The percentage of affordable housing in the city will decline even further in the coming years because though there will be a large increase in the housing supply by about 3,000 units, only 60 of those units will be deed-restricted, affordable housing. He also noted that the city’s failure to reach the 10% threshold of affordable housing under state law could leave the city vulnerable to a development pursuant to chapter 40B, which allows developers to bypass local zoning restrictions in return for constructing affordable housing. It was pointed out that among the areas being eyed as potential sources for affordable housing development in the city are the MBTA parking lots at the Beachmont and Wonderland stations, any properties taken by tax title by the city, and the Lee Trailer Park. The board still is working on defining its goals and creating a mission statement and to that end, Gravallese presented a number of mission statements from AHTFs in other communities. Board members briefly discussed the hurdles for identifying the potential sources of funding and fundraising for any of its potential endeavors. The RAHTF presently has about $250,000 in its trust fund. Gravallese also read a letter from Mayor Arrigo in which the mayor thanked the members for their volunteer service and made note of the affordable housing crisis facing the city. The board’s next meeting is scheduled for January 11.
