The Board of Trustees of the Revere Affordable Housing Trust Fund (AHTF) held its regular monthly meeting last Wednesday evening, January 14, in the City Council Chambers. Chair Joseph Gravellese was joined by Treasurer Anayo Osueke and fellow board members Deb Frank, Lori Manzo, Dean Harris, Judy Gosselin, Matt Wolffer and Laiila Pietri.
Osueke presented the treasurer’s report. He said the AHTF has a balance in its account of $889,182.13.08, which he said reflects the next two payments of $167,00 that have been encumbered for the AHTF’s agreement to assist The Neighborhood Developers with their low-income housing project at 110 Ocean Ave.
Gravallese reported about the recent meeting of the AHTF’s Fundraising Subcommittee with a potential non-profit community partner that could focus, for example, on expanding the Senior Home Repair program or creating a program to assist veterans.
Osueke added that this potential partner also could assist the AHTF with its expertise in developing grant applications to present to banks and other institutions.
Gravallese said that all but one of the projects that had been funded pursuant to the current Senior Citizen Repair Program have been completed and paid for, with the lone uncompleted project having experienced weather delays.
Gravallese next informed the members that the applications, as well as the guidelines, for the AHTF’s Accessory Dwelling Unit (ADU) Loan Program should be up on the city’s website within the next week or so. He said $50,000 will be allocated by the AHTF for the program with a maximum of five projects.
Gravallese also reported that bids have closed on one of the city’s tax title properties on Glendale St. He said that the AHTF, to whom the City Council transferred control of the tax-title properties, will have to decide whether to insist that the buyers construct affordable housing on the lots or whether the AHTF should accept market-value payments for the land and use those funds for future affordable housing projects.
The board then adjourned until its next meeting in February.
