The discussion on tax title properties centered around plans to market and redevelop five city-owned lots, with the aim of boosting affordable housing development. A Request for Proposals (RFP) is being prepared to engage a broker who will facilitate marketing these properties and assist potential buyers through the developmental process. The board emphasized the importance of obtaining city council approval to declare these properties surplus, a step for transferring them from the tax title custodian to the affordable housing trust fund. There was optimism about securing city council support.

The board also delved into the criteria for evaluating bids on these properties, expressing a preference for proposals that prioritize affordable housing development. While all housing types will be considered, there is an emphasis on maximizing affordable options, particularly home ownership opportunities. Members acknowledged the challenges of creating extremely low-income housing due to density constraints but highlighted the potential for market-rate development to support affordable housing initiatives financially.

In addition to property redevelopment, the board examined the progress and challenges of the first-time homebuyer down payment assistance program. Since its launch, nine applications have been received, with some disqualified due to not meeting residency or income requirements. The program offers a forgivable loan to eligible applicants, provided they maintain their primary residence for a specified period. Concerns were raised about the six-month window for applicants to secure pre-approval for a mortgage, which could conflict with the typical 120-day validity period of pre-approvals. Suggestions were made to align the application process with mortgage timelines in future iterations of the program.

Efforts to publicize the down payment assistance program were discussed, including the distribution of flyers at local events and social media posts in multiple languages. The board noted an information gap within the community, which may hinder potential applicants from accessing available resources. There was also a call for increased outreach to the business community, particularly real estate agents and lenders, to ensure they are informed about the program.

The meeting also covered potential developments within an H dip district application, aimed at providing tax incentives for affordable housing development in specific areas of Revere. This initiative could allow up to 20% of units to be below market rate. The board encouraged public participation in upcoming city council discussions on this matter.

In addition to these initiatives, the board highlighted the Community Investment Tax Credit (CITC) program as a potential resource for developers and investors interested in affordable housing projects. This program offers tax credits to individuals donating to community development corporations or nonprofit organizations, fostering community support for affordable housing efforts.

Despite the absence of updates from the planning and community development team, the board expressed satisfaction with the progress made in recent months. Members noted a shift from lengthy discussions to actionable steps toward housing solutions. The meeting concluded with a reminder to confirm the city council meeting date as October 28, 2024, to ensure timely submission of necessary materials for property redevelopment plans.