The Revere Affordable Housing Trust Fund board voted at its December meeting to set aside $30,000 toward a new closing-cost assistance program designed to help buyers and income-eligible sellers of restricted affordable units with documented closing expenses.

Chair Joe Ravallesi proposed the fund as an annual pool and said individual applicants would be eligible for up to $5,000 in reimbursed costs. "We could create a pool of, I'd say, $30,000 as an example. And we can allow applicants to apply themselves for up to $5,000 max per applicant," Ravallesi said during the discussion.

Board members debated program design details, including which fee categories would be eligible. The chair suggested excluding broker fees and the city's 1.5% fee (the latter already waived in many cases) and emphasized the pool would reimburse documented closing-line items rather than provide flat grants.

A board member moved to set aside $30,000 and another member seconded the motion; the chair called for a voice vote and the motion passed with no recorded objections. The board did not record a roll-call tally in the meeting minutes; Ravallesi said he would draft a formal application that specifies eligible costs, applicant eligibility and documentation requirements and circulate it for review before formal ratification at a future meeting.

Ravallesi asked for volunteers to pilot the application; at least two board members volunteered to work with staff to test the form before the full board votes on a final program.

The board framed the program as a complement to existing down-payment and resale-affordable policies, saying it would be responsive when a buyer has an accepted offer and needs help covering closing-related expenses to complete the sale. The motion authorizes staff to develop the application and return to the board for final approval.