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, May 13, 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, Deb Frank, and Judy Gosselin.
Osueke presented the treasurer’s report. He said the AHTF has a balance in its account of $1,007,881. Osueke said that during the past month the trust received its annual free cash allocation from the city of $139,375, earned $3873 in interest, and expended $5000 for the Senior Home Repairs program.
Gravallese added that the state budget includes an appropriation of $50,000 for the AHTF’s first-time homebuyer downpayment assistance program that the trust will be receiving after July 1.
Osueke presented an update of the AHTF’s Fundraising Committee’s activities. He noted that the committee has been working with Tom Skwierawski of the city’s Planning Dept. on grant-writing proposals.
Gravallese briefly discussed the AFTF’s Accessory Dwelling Unit (ADU) program. He said that one loan grant already has been awarded and that applications for two more have been completed and are awaiting receipt of their building permits from the city. He also noted that the AHTF’s new requirement for homeowners participating in the program will require them to set their rent at a figure that is affordable for persons at 80 percent of the Area Median Income (AMI).
Gravallese pointed out that guidelines for 80 percent of the area median income (AMI) have been updated. For a family of two, the figure is $109,000; for a family of three it is $123,400; and for a family of four it is $137,100. The corresponding rent based on 80 percent of AMI is $2316 for a studio, $2482 for a 1-bedroom, and $2978 for a 2-bedroom.
“We’re not talking cheap. This is still pretty significant,” Gravallese said.
Next up was a presentation by F. Marie Morisset from the Boston Communities, LLC, a real estate development and consulting firm. According to the firm’s web site, “Boston Communities believes housing is the foundation of a healthy community and a catalyst for economic growth. Mixed-income communities end cycles of poverty by creating opportunities for the next generation. Transit-oriented developments connect people to jobs responsibly. Sustainable buildings benefit people and the planet. Diverse teams drive creativity and innovation.”
Morisset made a presentation to the members about its One Fenno Development project for which it has submitted an application for a grant from the AHTF. Morisset noted that the land, which is owned by the Procopio Companies, has been rezoned by the Revere City Council with the support of Mayor Keefe that will allow for the development of a 96-unit housing project.
Morrisset said that the project will be constructed in two phases of 48 units each. The first phase will consist of 41 affordable units of which 34 of the 41 will be at 60 percent of AMI and the other seven at 80 percent of AMI.
Morisset said that Boston Communities is seeking a grant from the AHTF in order “to bring affordable housing to Revere.”
The land is located entirely in Revere at the Revere/Chelsea line and is sandwiched between Chelsea Housing Authority property and the Northeast Expressway (Route 1). The land is heavily-treed and essentially is an urban wildland area. There presently is no vehicular access to the property from Revere.
Morrisset said that Boston Community is seeking $400,000 from the AHTF over a period of 2.5 years.
“This is a critical component to close our funding gap,” added Morriset. “This funding from the Revere AHTF will unlock state and agency funding, as well as construction financing.”
“This looks like a great project and a really good use of space,” said Wolfer.
Some members questioned the size of the request, noting that the AHTF’s present rules limit specific funding for any one project to $150,000 annually. The AHTF adopted that rule last year after the AHTF’s vote of two years ago that awarded more than $500,000 — which constituted more than half of the AHTF’s available funds at that time — to provide funding of about $250,000 each to two individuals chosen by lottery for the purchase of two condominium units.
After Gravallese suggested that the AHTF may want to wait for the Revere Conservation Commission (where there is a pending application for a Determination of Applicability) and the Site Plan Review Committee to make their decisions about the project, the members did not take a vote on the specific funding request. However, the board voted to prepare a letter to indicate its support for the project, which Morisset said would be extremely helpful.