Among the topics discussed was the allocation of a state grant earmarked for a pilot down payment assistance program tailored for first-time homebuyers. The board unanimously approved the utilization of the $25,000 state funds for this purpose, additionally matching the amount to bolster the initiative. This decision expands the program’s reach to all eligible Revere residents. The board also considered the prospect of a lottery system to manage the distribution of assistance, should the number of applicants exceed the funds available.

In the realm of property development, the board evaluated a feasibility report from the city’s legal counsel regarding the potential for affordable housing projects on vacant parcels retrieved from taxing foreclosure lists. This analysis revealed that five out of six properties could be developed for affordable housing with the appropriate zoning relief, while one was deemed unbuildable due to its size. Moving forward, the board plans to prepare a Request for Proposals (RFP) package to dispose of the buildable properties, with an emphasis on creating 100% affordable housing units.

The meeting also touched upon the formation of a subcommittee to explore a home repairs proposal delivered by Habitat for Humanity. This subcommittee will delve into the proposal in detail, addressing any questions and concerns, and will meet subsequently to discuss further actions. The discussion during the meeting highlighted the collaborative nature of the board as it addresses various aspects of affordable housing within the community, from development to financial assistance programs.

Looking ahead, the board is preparing for an upcoming July meeting and planning sessions with JM Gston set for June. These sessions aim to outline the vision and budgeting process for the affordable housing trust over the next five years. To ensure a comprehensive approach, the board considered inviting specific groups and individuals to participate in these June coordination meetings to gather diverse input and insights.

The board’s stance extended to discussions on rent-to-own programs, private fundraising, and grant opportunities. These initiatives would provide additional pathways to homeownership and housing stability for Revere residents. To communicate its efforts and accomplishments effectively, the board acknowledged the need for a press release that would highlight its key priorities and successes to date. Additionally, a reminder was issued for board members to submit their biographies for inclusion on the trust’s website.