0:09A primary topic was the proposal to incentivize the construction of accessory dwelling units (ADUs) as a method to increase affordable housing stock. The board considered offering grants of $20,000 to homeowners willing to convert parts of their properties into ADUs, contingent on meeting specific standards. This initiative aims to motivate homeowners to contribute to affordable housing, leveraging existing properties to expand housing options. The discussion acknowledged the need for further research into similar programs implemented by other housing trust funds, to refine the approach and ensure its feasibility.

Another proposal involved the direct investment strategy in market rate housing conversions. The board examined the prospect of investing in two- to four-family properties, with the intention of converting them into deed-restricted affordable condos. While this approach offers the board greater control over project outcomes, including the ability to restrict every unit, it also presents challenges. The operational complexity and substantial capital investment, estimated between $1 to $1.2 million, emerged as potential obstacles given the current financial resources available. Alternatives such as collaborating with private developers were considered, which would require less management effort and a smaller capital investment per project. This approach would capitalize on developers’ expertise, potentially leading to more efficient project execution and cost management.

A notable aspect of the meeting was the emphasis on understanding the financial dynamics and cost implications of each strategy. The board discussed the development of a property scorecard to assess real estate opportunities, planning to analyze several properties before the next meeting. This analysis aims to clarify the financial requirements and economic viability of both direct investment and collaboration with developers.

16:54The fundraising efforts were also a focal point, with discussions on leveraging a 501c3 structure to enhance fundraising capabilities. The absence of such a structure currently limits the board’s fundraising potential. The meeting addressed the importance of forming partnerships, particularly with entities like a Community Land Trust (CLT), to open avenues for funding. The board explored the possibility of collaborating with organizations that have 501c3 status, which would enable access to donor networks, especially within the banking sector. Identifying approximately 150 banks in Massachusetts, the board plans to create an inventory to pinpoint potential grant opportunities.

32:33Additionally, the meeting touched upon the logistics of setting up an online fundraising campaign, potentially through platforms like GoFundMe, to support specific projects such as condo conversions. Legal considerations around accepting donations, similar to the scholarship committee’s operations, were discussed with plans to consult the treasurer’s office on the matter. The board recognized the value of earmarking donations for particular projects to engage community support effectively.

The board also considered the existing down payment assistance program, noting the availability of $75,000 earmarked for first-time homebuyers, with an effort to increase applications. The potential for a senior home repairs program was acknowledged, reflecting substantial interest and need within the community. Concerns about administrative capacity to manage these programs were raised, emphasizing the importance of qualified contractors and thorough application processes.

Progress updates included the transfer of properties from tax title custodianship to the affordable housing trust, pending city council approval, and the submission of requests for proposals (RFPs) to the purchasing department. Despite delays due to other priorities, these steps mark progress in the board’s efforts to enhance affordable housing in Revere.