The board’s reaction was one of gratitude, recognizing the importance of such contributions in bolstering their efforts to provide affordable housing in Amherst. The board deliberated on ways to publicly acknowledge this generous act and contemplated working with the town’s Communications staff to draft a press announcement that would highlight the positive implications of the donation.

The Valley Community Development’s (VCD) presentation was another significant aspect of the meeting. VCD is at the forefront of constructing 45 units of affordable housing, comprising both homes and duplexes. With a general contractor selected and the permitting process completed, VCD detailed their advancement in pre-construction activities, emphasizing their efforts in marketing and their plan for construction, sales, and income qualifications. Despite securing funds from various sources, VCD faces a financial shortfall of approximately $915,000 and has approached the trust to help fill this gap. Their funding schema includes a notable $500,000 from a Senate bond bill designated for a photovoltaic (PV) system and potential contributions from Mass Housing and the Eastern Foundation.

The board’s conversation then shifted towards the financial intricacies of the housing project. With the town’s financial contribution averaging $50,000 per home, the board underscored the urgency of securing project funding to prevent increasing construction costs. Discussions revolved around the need for a commitment from the board, the potential for surplus funds, the flexibility of the trust’s funds for future projects, and the importance of financial education for potential homeowners.

A significant portion of the meeting was dedicated to strategizing on funding mechanisms for the Trust. The subgroup tasked with action planning elucidated their strategies, which included securing the full 3% community impact fee from short-term rentals, advocating for a yearly Community Preservation Act (CPA) contribution from the town, and pursuing the implementation of a real estate transfer fee. The board members engaged in a debate on these proposals, contemplating the need for a balanced approach that would not clash with other town priorities.

The potential for automatic funding transfers from the Community Preservation Committee (CPC) was a keenly debated topic. The board contemplated requesting a 10% or 15% automatic transfer from the CPA funds, weighing the town’s overall revenue and debt service obligations. This discussion extended to the prospect of securing a yearly town contribution and the ongoing advocacy for a special act request for funding.

The Trust’s role in the town’s inclusionary zoning process was also on the agenda. Opinions varied on the language and approach to be taken in collaborating with the permitting board in reviewing inclusionary zoning developments. There was a consensus on the necessity for the Trust to have a significant voice in the review process and to advocate for affordable housing funding through in-lieu payments or alternative methods.

Additionally, the Trust members discussed the need for a more concrete and encompassing funding strategy that would transcend financial aspects to include political advocacy. Concerns were raised regarding the limitations of the inclusionary zoning bylaw and its impact on influencing housing development. The Trust brainstormed on potential funding sources and the feasibility of these options for Amherst. A public education and communications campaign was suggested to encourage donations of land or buildings to the Trust.

The meeting also touched upon the progress of the housing production plan, which is in its initial stages with a consulting firm. The plan, expected to take between eight and ten months, will offer substantial opportunities for the Trust’s input. Furthermore, the Trust reviewed and voted on inclusionary zoning language to be proposed as a zoning amendment.

Updates on the University Drive overlay were also provided, with the planning board recommending the proposal as a zoning amendment to the Town Council. The Trust discussed the importance of their recommendations and their role in the public comment process.