The board’s discussion on the HPP revealed that the final draft has been submitted to the Revere City Council, with a public hearing scheduled for November 25. The HPP aims to establish a framework for future affordable housing projects and facilitate funding applications. The board highlighted the extensive community engagement efforts that informed the plan, including input from residents and local organizations. The establishment of the HPP was presented as a strategic move to create a “safe harbor,” allowing the city more control over development decisions. This control is deemed critical as housing costs continue to drive residents away from Revere.

In tandem with the HPP, the board is preparing to request a public hearing for the HDIP. This program is designed to promote affordable housing within designated zones in Revere, with a proposed 20% affordability threshold for new developments. The board identified Shirley Avenue and Green Street as key areas for the HDIP, addressing the lack of affordable options amid significant market-rate development. By aligning the HDIP public hearing with the city council’s schedule, the board aims to maximize public engagement and streamline the approval process.

The meeting also highlighted the introduction of Spanish interpretation services for city council meetings and public hearings. This initiative seeks to enhance accessibility for non-English speaking constituents. The board encouraged both members and the public to attend the upcoming city council meeting to support the HPP and HDIP initiatives.

Another topic was the status of the first-time home buyer program, which currently faces challenges due to a competitive housing market. The program has 11 applicants, with three receiving conditional awards contingent on obtaining a signed purchase and sales agreement. The board acknowledged the financial barriers potential homeowners face, with down payments for single-family homes estimated between $60,000 and $70,000. Given the average American savings is about $5,000, these figures highlight the difficulties applicants encounter.

The conversation then turned to the disposition of city-owned and tax-title properties, which will be postponed until December. The board expressed a need to balance affordable housing proposals against potential market-rate developments, which could fund the trust’s initiatives. Members discussed preferences for the bid process, emphasizing the importance of leveraging private investment to achieve affordable housing goals. The board concluded that ensuring bidders have the financial capability and relevant experience is important for successful project implementation.

The board agreed on the necessity of modifying zoning regulations to facilitate affordable housing development, particularly in areas like Shirley Avenue. This discussion pointed to the broader objective of aligning zoning conditions with existing built environments and reducing barriers to development.