[{"_1":2,"_97":-5,"_98":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6284448,"mediaKeyId","2579694-c0a6454b22e2da3c798174e85533e125","parentId",2579694,"title","Revere trust fund weighs direct investment and grants to convert market-rate buildings to affordable ownership","audioSeconds",735,"startMs",243000,"endMs",978000,"viewUrl","/Search/View?dp=1&key=2579694-c0a6454b22e2da3c798174e85533e125&start=243&end=978","thumbnailUrl","https://assets.pipeline.soar.com/2579694-c0a6454b22e2da3c798174e85533e125/thumbnail_243000.jpg","articleUrl","/articles/6284448/Revere-City/Suffolk-County/Massachusetts/Revere-trust-fund-weighs-direct-investment-and-grants-to-convert-market-rate-buildings-to-affordable-ownership","mediaUrl","https://secure.pipeline.soar.com/6284448-411b1862ee2e8ad464ba60e7bbe6bf97/orig.mp4?Expires=1771144530&Signature=SC79Lf8vfak0~I04gZTqfMX0BqHFzAJDoBCwbq0uyk9U5wDyqUFte6f-MX9hgoVjujgmCKWbsI079WgTmfd8jYj~LdeZJ6enJBr0k6tZkRU-gEZtsba-IjHxLdQzs9m9IvCu1b5ndwMrHmo2ckK3YjQJSkW6yRK3TtGfgit5fJW53gHfRdrFq5WMLpfT9CkhZM1B74FQkLGzodBkls6MOSWNEW1-FBEwTkBXR8IMgoCZHRP9mii~d4R6TtWHxzWw2lkDwgC~zbO-AE5Q5F06EgjP3jdmqIEvgo1UwZgcvNT0gIGBN1KR1N8ym~UH~Y0s~plq6oA0h7pR4TNpxNFjWA__&Key-Pair-Id=KUT5TJCACFTXG","author","Revere City, MA","date","2025-03-12T00:00:00Z","article","Revere — At its March 12, 2025, meeting, the City of Revere Affordable Housing Trust Fund board discussed two competing strategies to create affordable homeownership: the trust fund buying and converting 2–4‑family buildings itself, or subsidizing private developers to produce deed‑restricted units.

The discussion, led by board member Matt Wolfer at the homeownership subcommittee report, focused on tradeoffs of control, cost and operational capacity. Wolfer said the board is weighing “the trust fund direct investing in 2 to 4 family properties and converting them into condos” against offering gap funding to private developers to require one unit be sold at an affordable price.

The nut graf: the board must decide whether to pursue a capital‑intensive, high‑control model that would place buildings on the trust fund’s balance sheet, or a lower‑cost subsidy model that would use grants to make privately managed conversions affordable.

Under the direct‑investment option, Wolfer told members the trust would complete purchase, renovation and resale itself. He said that approach gives the trust control over location and renovation decisions but is “significantly more involved operationally” and requires more capital — Wolfer estimated the upfront capital need in the “neighborhood of a million to a million 2.” He listed higher operational risks: underwriting mistakes, renovation cost overruns, carrying costs for taxes and insurance, and the need to hire a general contractor capable of end‑to‑end delivery.

The alternative is providing targeted subsidies to private developers planning condo conversions. Wolfer said this approach would require less trust capital per project and lower operational burden because the private developer assumes underwriting and construction responsibility; the trust would subsidize the price gap that makes one unit affordable. He estimated the per‑unit subsidy range discussed at roughly $110,000 to $150,000, noting the exact figure remains to be modeled.

Board members discussed other design questions the subcommittee will study, including which building types yield the best leverage (two‑family vs. four‑family), bedroom mixes, and the effect of prevailing‑wage requirements or longer project timelines on total cost. Wolfer said the subcommittee has built a property scorecard and plans to underwrite five to 10 actual properties — either active listings or recently sold buildings — to model project‑level P&Ls and return with detailed cost comparisons at the next meeting.

ADU incentives also drew discussion. The subcommittee flagged incentives for accessory dwelling unit (ADU) conversions as a lower‑cost pathway to produce affordable units. Wolfer offered a hypothetical example of a $20,000 grant for homeowners who convert part of a house into an ADU and meet affordability requirements. He also cited Boston’s model, which pairs technical assistance (about $7,500 in Boston’s program) and a $50,000 zero‑interest loan payable on sale — a structure that would reduce the immediate outlay but would not necessarily replenish trust funds.

Board members raised program design questions: whether the trust would fund lead‑paint remediation or other environmental fixes that raise renovation costs, and how the trust would ensure contractor oversight without adding municipal staff capacity. Wolfer noted he will research whether loans or grants are more effective in Revere and whether the trust could reasonably administer construction oversight, given current staffing.

Next steps: the homeownership subcommittee will underwrite sample properties and compare the full cost stacks for the two approaches before recommending whether to pursue direct investment, a developer subsidy program, ADU incentives, or a mixed approach.","mediaType","Video","parentTitle","Revere City Affordable Housing Trust Fund Meeting (3/12/25)","oneSentenceSummary","Revere — At its March 12, 2025, meeting, the City of Revere Affordable Housing Trust Fund board discussed two competing strategies to create affordable homeownership: the trust fund buying and converting 2–4‑family buildings itself, or subsidizing private developers to produce deed‑restricted units.","taxTitle","Revere City, Suffolk County, Massachusetts","taxId",5660,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6284437,"City forwards tax‑title transfers to council and allocates $75,000 to first‑time homebuyer aid; senior repairs program remains in planning",473,2533000,3006000,"/Search/View?dp=1&key=2579694-c0a6454b22e2da3c798174e85533e125&start=2533&end=3006","https://assets.pipeline.soar.com/2579694-c0a6454b22e2da3c798174e85533e125/thumbnail_2533000.jpg","/articles/6284437/Revere-City/Suffolk-County/Massachusetts/City-forwards-taxtitle-transfers-to-council-and-allocates-75000-to-firsttime-homebuyer-aid-senior-repairs-program-remains-in-planning","https://secure.pipeline.soar.com/6284437-509f6cd5abfd3fe8a14bfa2d31c3176b/orig.mp4?Expires=1771144530&Signature=N-uuTvRWZpWF55OPtmoUaqDjkxb8r-z1ghsxWK70y~GXcWZ8FRjahLMjFjGOsFFC6xdS5FM05q-3vo8tGsUHsPD9KdAHNU2ZlVA5nkcJhNFnr5ZgwtjQpFYRIY5apCkoxPT9OTannUyZtJXMG8LZFrcEiHWdfHMJPW~LPgw58nNqY8-YkFQwIjvhxDnRKmQnvEnMPJoX~XVqDmxt5I6M4oh5PCIsLuyBN11O8O~qIaaJM72px7BOL4AijNqDk2XFwdj477GaYdWfyqnQsgJjghzcuXsWCwqqbLWGT-9thfh5-fTMo2191GPVQedJ4EBkifUrIUdlKYuSkf4bVa3vPA__&Key-Pair-Id=KUT5TJCACFTXG","Revere — City staff reported March 12 that the Revere City Council has received a request to transfer tax‑title properties into the Affordable Housing Trust Fund’s custody and that drafted request‑for‑proposals (RFPs) for those properties are with the purchasing department.

Treasurer contact Asotin Newton reported the trust fund’s current balance as $677,721.73 and noted the trust has received an additional $75,000 earmark for the first‑time homebuyer down‑payment assistance program. The mayor’s office issued an initial press release to call for applications; board members said applications to date have been light.

The nut graf: formal transfer of tax‑title parcels and issuance of RFPs would allow the trust to evaluate and solicit bids for properties potentially suitable for affordable housing projects; meanwhile the trust has limited staff capacity to administer new programs such as a senior home repairs program.

Chair Joe Gravalese told members the city is preparing the RFPs and that the housing production plan and other council business contributed to earlier delays. He said the mayor’s office will help promote the down‑payment assistance application window. Gravalese said he anticipated asking the board at a future meeting to allocate an additional $5,000 to the down‑payment program to round the current $75,000 to a clean $80,000 so the program can continue to offer $10,000 per applicant (subject to board approval and once sufficient applicants apply).

Board members flagged administrative constraints for a proposed senior home repairs program; staff and trustees said the program would likely generate many applicants and require more administrative capacity for application review, estimate vetting and contractor oversight. Gravalese and other members noted that planning and community development staff are currently stretched and that the trust will need to identify how oversight and eligibility review would be handled before launching a repairs program.

Other items: board members noted upcoming external meetings relevant to trust work, including a March 18 CHAPA meeting and recent legislative engagement on a proposed local real‑estate transfer fee under study by regional legislators. No formal board votes on funding for these items occurred at the March meeting.

Formal action: a motion to adjourn the meeting was made, seconded, and carried; no opposed votes were recorded on the record.","City staff reported that the council has received a request to transfer tax‑title properties to the trust, RFP drafts are in purchasing, the trust received a $75,000 earmark for first‑time homebuyer down‑payment assistance (applications are light) and discussions continue about staffing and administration for a senior home‑repairs program.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":44,"_45":91,"_47":92,"_49":50,"_51":93,"_53":94,"_55":56,"_57":58,"_59":95,"_61":62,"_63":64,"_65":96,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6284442,"Fundraising subcommittee eyes land‑trust partnership, banks and foundations; explores online giving",1975,2218000,"/Search/View?dp=1&key=2579694-c0a6454b22e2da3c798174e85533e125&start=243&end=2218","/articles/6284442/Revere-City/Suffolk-County/Massachusetts/Fundraising-subcommittee-eyes-landtrust-partnership-banks-and-foundations-explores-online-giving","https://secure.pipeline.soar.com/6284442-05f8142541712b07a5e67743435f4a78/orig.mp4?Expires=1771144530&Signature=FbfijggLpN69U9Q5DNXtvJA6AIjqhJbTRz1JLbMJvnvCVU99kn-cIZpMQzT8~o6lJrdQE20n-8sRyOZfsIGVx9KvgFuGPc6e2OE7xt7bFD0UL-h24RQicrciPb88i0peGr16Acg6QCQdeDFQZNwTvl8Xw8RNOlKLvpK21mi3ZFkwhXfzD0atpfvvSRgPKpx9Qmyjlrmv9741qy8u0DtO9-UdLgpr-e4rbcYFMGp6E5l8px3h-e3Nt6VU81JFg9Thmw22lSLnL2E1mjGh7kOiqHEI4jU2T7KZSYNUzIYL5PnmmYQ63w79c63fB7RzhJRlfPm4ukqFIhJptc1xLDChag__&Key-Pair-Id=KUT5TJCACFTXG","Revere — The fundraising subcommittee of the City of Revere Affordable Housing Trust Fund spent its March 12 meeting mapping public‑ and private‑sector fundraising options and potential partners to expand the trust’s capital.

Subcommittee members discussed partnering with a Community Land Trust (CLT) — a 501(c)(3) nonprofit — to access foundation grants and private donations that are difficult for a municipal trust to pursue directly. Board member Anayo Sawicki reported an inventory of local banking institutions, saying there are “about 150 or so banks in the Mass area, and about 50 or so that are in the immediate area that have what's called cash deposits.” She said those banks often have charitable foundations the trust could approach via a nonprofit partner.

The nut graf: without a standalone 501(c)(3) conduit or a partner nonprofit, the trust will be limited in accessing many private foundation grants; partnering with an existing land trust or forming a collaborative structure could expand fundraising options.

The group also discussed practical timelines. Some bank and foundation grants have fixed annual windows (for example, one with a May deadline), while others accept rolling applications. Members agreed to inventory deadlines and prioritize near‑term opportunities. Laura Christopher of MassDevelopment was noted as returning from leave; board members said they plan to engage MassDevelopment and CHAPA (the Citizens’ Housing and Planning Association) for technical help and to connect with statewide resources.

Board members raised the idea of community online fundraising campaigns. One member asked whether the trust could set up a public fundraising goal and solicit contributions through an online platform. The board’s legal/administrative counsel present noted that soliciting donations is legally permissible, but technical limitations and city rules may constrain online collection. The treasurer’s office will be asked to confirm whether the city’s current systems support online contributions to the trust fund and what platform options are permitted.

Next steps: the fundraising subcommittee will finalize the inventory of banks and foundations (including application deadlines), follow up with MassDevelopment and CHAPA, and consult the treasurer’s office about the technical feasibility and legal framework for online donations.","The trust’s fundraising subgroup reviewed public and private fundraising routes, including partnering with a 501(c)(3) community land trust to access foundation grants, an inventory of local banks, and the possibility of online donations subject to city rules.","actionData","errors"]

Article not found

Revere trust fund weighs direct investment and grants to convert market-rate buildings to affordable ownership

City forwards tax‑title transfers to council and allocates $75,000 to first‑time homebuyer aid; senior repairs program remains in planning

Fundraising subcommittee eyes land‑trust partnership, banks and foundations; explores online giving