By Journal Staff
The Board of Trustees of the City of Revere’s Affordable Housing Trust Fund (AHTF) held its regular monthly meeting last Wednesday, April 8, 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, Laila Pietri, Lori Manzo, and Judy Gosselin.
Osueke presented the treasurer’s report. He said the AHTF has a balance in its account of $879,632. Osueke noted that the trust earned $3523 in interest and expended $5000 for the Senior Home Repairs program during the past month.
Osueke and Gosselin presented an update of the AHTF’s Fundraising Committee’s activities. Gosselin said that the committee members attended a workshop in January that will assist in the committee’s grant writing and Osueke added that the committee has been working with Tom Skwierawski of the city’s Planning Dept. on grant-writing proposals.
Gravellese said that five applications have been received for loans pursuant to the Accessory Dwelling Unit (ADU) program. “We’re on track to support five projects,” Gravellese said. The members approved a motion by Gravellese that going forward, the rents for future ADU units must be affordable for individuals whose income is 80% or less of the Area Median Income (AMI) in order for homeowners to participate in the loan program.
The board then discussed changes to the federal homelessness programs that will shift federal support away from permanent supportive housing to transitional housing programs, a move that could have a negative impact on many Revere families.
Gravallese then discussed the potential for the AHTF to assist income-eligible persons with the purchase of a home by means of a “buy-down” program. He noted that given the limited funds available to the AHTF, no more than 2-4 individuals would receive assistance per year.
He said that a deed restriction would be in effect for the first 10 years (the homeowner cannot benefit from a profit if the house is re-sold), but that in years 10-20, homeowners would split half of their profits (if any) with the AHTF. After year 20, the homeowner would own the home outright without any deed restriction and profit-sharing with the AHTF.
“This type of program really speaks to our mission,” said Gravallese
“I think this program is a great idea because it helps persons to attain permanent residency here in Revere,” said Manzo. “I think it’s important to help those who really want to stay in Revere. Offering generational homeownership in our hometown is a really good idea.”
The board will take a vote on the specifics of the program at its meeting next month.