One of the most notable announcements was the approval of a recently ratified housing production plan, a strategic move aimed at addressing affordable housing shortages in Revere. A city representative provided context on the plan’s adoption process, which involved constructive feedback from the city council and was ultimately passed with an 8-3 vote. Though the plan initially included a provision for single-room occupancy units, this was removed due to council concerns. The approved plan now comprises tools for potential zoning changes, focusing on six tax title properties designated for affordable housing development. The board is moving forward with a request for proposal (RFP) process to transfer city-owned properties to the trust fund, prioritizing affordable housing projects.

In addition to the housing production plan, the board announced an expansion of the first-time homebuyer down payment assistance program. Thanks to a $75,000 earmark from the state, the program’s capacity has tripled. This significant funding boost was facilitated through the efforts of Senator Edwards and was warmly acknowledged by the board. The program is now open for applications, with an emphasis on aggressive marketing to ensure broad community awareness. The board stressed the importance of reaching potential applicants, particularly those involved in other state programs, to fully utilize this opportunity.

Despite these positive developments, the board recognized challenges stemming from a recent change in the Massachusetts housing program. As of January 1st, the assistance amount available to those at 80% Area Median Income (AMI) under the Down Payment Assistance program has been reduced from $60,000 to $30,000, due to depleted funds. This reduction could potentially impact the number of applicants. To counter this, a board member committed to promoting the program through seminars.

The board also explored a proposed home repairs program for seniors, aimed at helping them age in place by providing funds for necessary accessibility improvements. This program requires specific funding allocations from the city council or state budget, as it falls outside the trust fund’s general financing capabilities. The program would be administered through the Revere Senior Center, with eligibility criteria mirroring those of the first-time homebuyer program. A proposed clawback provision would prevent homeowners from selling their properties shortly after receiving funding.

In efforts to enhance the board’s operational efficiency, discussions included forming subcommittees focused on fundraising and homeownership projects. The fundraising subcommittee will explore private and government support avenues, while the homeownership subcommittee will focus on budgeting and leveraging available properties for future initiatives. Calls for these subcommittees are scheduled for the upcoming week to facilitate ongoing work between monthly board meetings.

Legal compliance regarding fundraising activities was another focal point. The board discussed the guidelines necessary to ensure fundraising efforts adhere to regulations, particularly when involving the private sector. A member offered to compile relevant guidance from the Attorney General’s office. The chair, identifying as a special city employee, committed to sharing training resources on conflict of interest laws with board members.

A notable development during the meeting was a board member’s announcement of their resignation, set to take effect in April. This member, who served as the market-rate tenant representative, expressed gratitude for their time on the board and offered assistance in an unofficial capacity. The board acknowledged their contributions and initiated a search for a suitable replacement, particularly seeking candidates who are market-rate tenants.

The meeting concluded with the first use of new audio-visual technology in the council chamber. The chair encouraged continued collaboration and accountability among board members, with a focus on the upcoming projects and initiatives.