By Journal Staff
The board of trustees of the Revere Affordable Housing Trust Fund (AHTF) held its regular monthly meeting last Wednesday, October 9, in the City Council Chamber. Chair Joe Gravelese and vice-chair Claire Inzerillo were on hand for the session, along with fellow board members, Laila Pietri, Deb Frank, Matthew Wolfer, and Lori Manzo.
The board first took up an update of the First-Time Homebuyer Downpayment assistance program for which nine applications have been received since the process opened last month. The AHTF contributed $25,000 to the program last fall, matching a $25,000 grant from the state, for a total of $50,000 to be awarded to five applicants at $10,000 each.
Gravalese said some of the nine applicants received thus far were not eligible either because of a failure to meet the income (80 percent of the Area Median Income) or residency requirements (applicants must be residents of Revere for two years). The applicants also will have to pre-qualify for a mortgage and enroll in a first-time homebuyer workshop.
The qualifying applicants will receive a letter confirming eligibility and then will have six months to enter into a purchase and sale agreement to buy a home, a time frame that may be extended by the AHTF.
The assistance is paid out in the form of a forgivable loan if the applicant maintains the home as their primary residence for five years. The first five qualifying applicants will receive the $10,000 grants. However, said Gravalese, “The problem these types of programs face is that given all of the restrictions, there is a very narrow subset of persons who are eligible.
“In addition, navigating the maze of other programs for which a person might be eligible is very difficult,” added Gravalese, though he also noted that the local program and other down-payment assistance programs are “stackable,” which means that applicants can take advantage of other programs and resources that are available on top of the local program.
Gravalese added that the application portal for the local program still is open and that two or three slots still were available as of the meeting date last week.
In other business, the board briefly discussed the ongoing disposition of city-owned/tax title properties, which the ATHF is looking to develop for affordable housing once the lengthy tax-title process has been completed.
Gravalese noted that eventually there will be an RFP process in order to evaluate possible buyers for their ability to develop affordable housing on those lots. However, he noted that the lots also could go to the highest bidder even without an affordable housing plan, with the AHTF receiving all of the funds, which the board could then use toward other programs.
Gravalese said that there presently are five lots that may be available for transfer to the AHTF, which he said are developable most likely either as two-family or single family homes.
“It’s an opportunity either to add affordable units, bring in some revenue, or do both, and it’s exciting to see this move forward,” summarized Gravalese.
Gravalese informed the board that the city is moving forward with an application to the state to create Housing Development Incentive Program (HDIP) districts within the Suffolk Downs and Shirley Ave. neighborhoods. The HDIP is a program from the state that provides tax incentives to help spur the development of housing.
According to the state website, “An HDIP provides Gateway Cities with a tool to develop market rate housing while increasing residential growth, expanding diversity of housing stock, supporting economic development, and promoting neighborhood stabilization in designated areas.”
Gravalese said the AHTF would explore how to use the program specifically to try to add affordable housing units in those neighborhoods. Both Shirley Ave. and Suffolk Downs have seen explosive growth with a plethora of housing developments in recent years, but those projects have not added affordable housing units.
The board then adjourned until its next meeting in November.