17:59One of a notable topics addressed was the potential acquisition of properties already in the subsidized housing inventory. These properties, which originally had deed restrictions managed by the Malden Redevelopment Authority, could provide the board with opportunities to control and ensure fair distribution processes, prioritizing Revere residents. The acquisition of such properties would not increase the housing inventory but would allow the board to manage them better. Board members emphasized the importance of monitoring these properties.

The conversation then turned to the process of identifying properties with deed restrictions, highlighting the need for a systematic approach to flagging properties available for sale. Improved monitoring systems could ensure that properties designated for affordable housing are properly tracked, and the board discussed how the city’s right of first refusal could be leveraged. This legal right requires property owners to notify the city if they decide to sell, allowing the board to potentially purchase properties that align with their affordable housing goals.

23:51In tandem with property acquisitions, the board delved into a proposal for a significant new development on Ocean Avenue. This project, presented by Steve Lefer from the Neighborhood Developers, aims to provide 56 new residential units, half of which would cater to individuals at 30% of the Area Median Income (AMI) and the other half at 50% AMI. The proposal included a request for $250,000 from the board, which would help close a $2.5 million funding gap. This funding would be allocated over three fiscal years and is expected to leverage additional resources, such as grants from the Department of Energy Resources and funds from the North Suburban Home Consortium.

The project on Ocean Avenue promises to integrate community services with affordable housing options, addressing the need for such housing in Revere. Board members expressed appreciation for the proposal’s thoroughness and its potential impact on low-income families in the area. The project would also ensure that displaced residents have the opportunity to return once completed.

05:26The board’s discussions also highlighted the importance of maintaining a financial buffer to accommodate emergency requests and future opportunities. With a proposed buffer of $350,000, the board would have approximately $557,000 available for new projects.

47:20In addition to immediate project discussions, the board explored the potential of Community Land Trusts (CLTs) as a long-term strategy for affordable housing. Laura Christopher from Mass Development introduced this concept, emphasizing the CLT model’s ability to provide affordable homeownership opportunities through community-based governance. The board considered the feasibility of implementing such a model in Revere, engaging in discussions about its potential role alongside existing city initiatives.

46:31The meeting concluded with an acknowledgment of the complexities involved in balancing various affordable housing strategies, from property acquisitions and new developments to innovative models like CLTs. The board’s decisions and discussions reflect a collaborative effort to address the housing crisis, prioritizing local residents while navigating funding and project prioritization challenges.