By Journal Staff
The Board of Trustees of the city’s Affordable Housing Trust Fund (AHTF) held its regular monthly meeting last Wednesday, February 11, in the City Council Chamber. On hand for the session were chair Joseph Gravellese, Treasurer Anayo Osueke, and fellow board members Dean Harris, Matt Wolfer, Deb Frank, and Laiila Pietri.
Osueke presented the treasurer’s report. He said the AHTF has a balance in its account of $882,571.77. Osueke also noted that the trust earned $3389.64 in interest over the past month and expended $10,000 for the first-time homebuyer downpayment program.
Gravallese reported that the application form for the city’s Accessory Dwelling Unit (ADU) loan program, for which the AHTF will provide the funding, has been fine-tuned and should be ready to go “live” shortly. The program aims to provide loans at a 0% interest rate for the construction of an ADU to homeowners who agree to rent their unit at 100% of the Area Median Income (AMI) for a period of five years.
The loans are forgivable at a rate of 20% per year, and ultimately entirely forgivable after five years, as long as the owner complies with the program’s guidelines.
After the members reviewed the application form, they voted unanimously to approve it. Gravallese said he anticipated it will be available on the city’s website by this Wednesday.
The board next took up an application from the No. Suffolk Community Services for an award of funds for No. Suffolk’s completed housing project on Hichborn St.
“No. Suffolk does wonderful work in the community and their project on Hichborn St. is terrific, but I suggest that we not vote in favor of this,” said Gravallese. “I don’t think we should set the precedent of providing ‘back-fill funding’ for projects that are completed and open and that already have received the financing they need. I understand that funding from us could help offset some of the debt they’ve taken out, but ultimately I would rather reserve our funding for projects that have unmet funding needs.
“This project is incredibly worthy and No. Suffolk is a great organization, but I’m just not comfortable setting a precedent of going backwards to fund something that’s already open,” Gravallese added.
Both Wolfer and Harris voiced support for Gravallese’s position. After Gravallese made a motion to turn down the application, the members voted unanimously to reject it. Gravallese said he will inform No Suffoilk of the board’s decision, but will make them aware that the AHTF would be supportive of the group’s future projects.
Gravallese next discussed briefly the proposed federal guidelines that will make it more difficult for families to receive supportive housing support in the event they become homeless. He suggested that the board may want to consider offering support to families with children in the Revere school system.
Harris, who is the Executive Director of the Revere Housing Authority, noted that the problem is that at any given time, there is extremely limited housing available on an emergency basis not only in Revere, but state-wide.
Gravallese said this is a topic that the AHTF will look into in the coming months.
Frank reported that there will be a fair for prospective first-time home-buyers on Saturday, February 28, from 10-2 at the Clark Middle School in Chelsea. She said officials from Chelsea, Revere, and various state agencies, as well as local real estate agents and other vendors, will be on hand to offer information to new home-buyers.
The board then adjourned until its next meeting in March.
