By Journal Staff
The Board of Trustees of the Revere Affordable Housing Trust Fund (AHTF) held its regular monthly meeting last Wednesday evening, May 14, in the City Council Chambers. Chair Joseph Gravallese was joined by Treasurer Anayo Osueke and fellow board members Dean Harris, Lori Manzo, Matt Wolfer, and Laila Pietri.
Osueke presented the treasurer’s report. He said the AHTF has a balance in its account of $905,420.25, which is an increase from last month’s balance of $680,180.67, reflecting the annual distribution from the city’s free cash account of $222,634, plus accrued interest from the past month.
The meeting began with Gravallese discussing meetings dates next week for the AHTF’s HomeOwnership and Fundraising Subcommittees for next week. “The two big projects we really want to sink our teeth into are subsidized home ownership opportunities for Revere residents and any work we might do on Accessory Dwelling Unit (ADU)-support, such as a loan or rent program with the restriction that they (the ADUs) be rented at below-market or affordable rates,” Gravallese said.
Gravallese also shared a screen that outlined a projected five-year budget plan, noting the possible inclusion of a Senior Citizen Home Repair Program and support for the 110 Ocean Ave. project (see below).
He also suggested that the AHTF should focus on “our three major goals — promoting affordable homeownership opportunities, providing a reasonable amount of funding for ADUs, and focusing on our lowest-income residents who are in the 0-20% of the income range who are at risk of homelessness.”
Gravallese then brought up the matter of the deed-restricted properties that originally were created by the Malden Redevelopment Authority and have been transferred to the City of Revere. “The deeds spell out that the city has the opportunity to purchase these properties at the deed-restricted price before they go on the market. We could purchase these properties and then re-sell them at an affordable-rate,” Gravallese said.
Although none of the properties presently are for sale, he said some may be coming up in the near future and the AHTF should keep an eye on possible acquisitions. He also noted that Claire Inzerillo in the City Counsel’s office is attempting to make a list of the properties.
The group then discussed a proposal from The Neighborhood Developers (TND) regarding its supportive housing project at 110 Ocean Ave. TND is a long-established developer that presently owns 775 homes for low-income households in Chelsea, Revere, and Everett, with 66 more homes under construction.
Steve Laferriere, the Director of Real Estate at TND, discussed the ongoing development at 110 Ocean Ave., a small building that presently is owned by North Suffolk Community Services (NSCS) and serves seven group-home residents and one apartment resident. That structure will be razed and replaced by a seven-story, 48-unit apartment building with living quarters for eight client-residents, plus office space for NSCS. The proposed building will be a certified passive house that will be all-electric and will be constructed with cross-laminated timber. The building also will be elevated above the flood zone.
The group-home residents will be located on the second floor, along with the office space for NSCS. On floors 3-7, there will be a total of 48 units consisting of 12 one-bedroom, 30 2-BR, and six 3-BR units that will be rented to tenants with incomes ranging from 30-50% of the Area Median Income (AMI). Tenants will be selected through a lottery process. Seventy percent of 36 of those units will be set aside for current Revere residents.
After making his presentation, Laferriere got to the bottom line: TND’s request for a $250,000 grant from the AHTF to cover a projected $2,490,000 funding “gap” that TND is facing in the project.
He noted that the balance of the “gap” hopefully will come from an $840,000 decarbonization grant from the Dept. of Energy Resources; $1.1 million from the North Suburban Home Consortium; and $300,000 in state low-income housing tax credits.
He noted that the $250,000 from the AHTF will help “leverage” the funding from the other sources. He also said that if the funding falls into place shortly, construction, could start in late summer or in early fall.
He added that the $250,000 from the AHTF can be broken up over the time frame of the construction period, which will take about two-three years.
Board members Harris and Osueke applauded the project because it fulfills the goals of the AHTF, particularly because it will serve individuals and families in very low-income ranges.
“We don’t have unlimited money to tackle every priority,” Gravallese said. “But this fits in very well with our priorities and our budget, and I highly recommend it. This is exactly the type of thing that we should be supporting. It will fit within our budget if it is spread out over three years. What also resonates with me is that all of the new construction in the Revere Beach area has zero affordable-housing, but we now can contribute to the socio-economic diversity of that area.”
Gravallese proposed a motion that the $250,000 request be approved, with the funding to be spread out over three years. The motion passed unanimously.
The members then heard from Laura Christopher and Harry Smith from MassDevelopment, a state agency that has made a three-year commitment to the city to support businesses and other appropriate development in the Shirley Ave. neighborhood.
Christopher spoke of the concept of a Community Land Trust (CLT), which is a local, non-profit entity that can focus either on land conservation or housing affordability. As to the latter, a CLT typically purchases and holds the rights to a parcel of land in perpetuity and then constructs housing to be offered to low- and moderate-income households with deed restrictions to preserve long-term affordability.
In addition to both homeownership and rental programs, CLTs also can be used to foster uses as disparate as urban farms, community gardens, and commercial uses,
Smith presented slides to demonstrate how the AHTF could partner with MassDevelopment to create a CLT in Revere, as has been done in Chelsea, Brockton, Boston, Worcester, and other communities. He also said that MassDevelopment will be undertaking an engagement process over the next several months with stakeholders in the Revere community to determine whether a CLT makes sense in Revere and invited the AHTF to be part of the process, which was met favorably by the members.
The board then adjourned until its next meeting in June.
