At its December meeting, the Revere Affordable Housing Trust Fund board reviewed a year of activity and mapped out program priorities for 2026, including exploring buy-down or deed-restriction models, expanding repairs assistance, launching an ADU loan program, and continuing fundraising outreach to private and nonprofit partners.

Chair Joe Ravallesi opened the discussion with a year-in-review: the trust helped complete an affordable condominium project, supported three first-time homebuyers through down-payment assistance and ran a senior repairs program that supported 12 households. "We've had now, 3 first time homebuyers supported by the down payment assistance program," Ravallesi said, and he described the senior repairs effort as running "incredibly smoothly."

The board discussed several models to support first-time buyers. Ravallesi cited examples from other Massachusetts communities that use large up-front subsidies coupled with deed restrictions (he referenced Plymouth, Sudbury and Norfolk) and raised tradeoffs between long deed restrictions and the ability for homeowners to build equity. A board member outlined an alternative: working with lenders and builders to structure a rate buy-down that boosts purchasing power without solely reducing sale price.

Members emphasized limited trust funds and the need to prioritize strategies that leverage partnership or create more units per dollar. Ravallesi also described hybrid resale arrangements (a split-proceeds model similar to 'Commonwealth builder' approaches) that can allow a homeowner to keep some appreciation while returning a portion to the trust when units are resold.

On implementation timelines, the chair said he will circulate research materials and proposed documents, and he aims to present a draft ADU loan application at the January meeting with the intent to make the program available by February to align with spring construction season. He also confirmed that application materials will be published in at least four languages (English, Spanish, Portuguese and Arabic) with additional translations available on request through community liaisons.

The board received a status update on affordable condo resales: one unit inherited from the Malden Redevelopment Authority is under agreement to a Revere resident and another unit in the same building is listed; the trust requires restricted resale units be posted on MyMassHome and the city's listings.

The board did not take final action on buy-down models or deed-restriction frameworks; members asked staff to return with draft documents and research so the board can review formal proposals and applications in early 2026.