City Council approves housing production plan and funding for affordable housing initiatives

The Affordable Housing Trust Fund meeting held on February 12, 2025, in Revere, Massachusetts, focused on the successful passage of the city's housing production plan and the next steps for affordable housing initiatives. The meeting highlighted the collaborative efforts of city officials and community members in developing the plan, which was ratified by the City Council with an 8-3 vote.

City officials discussed minor adjustments made to the plan, including the rejection of a proposal to allow single room occupancy units by right. Instead, the plan emphasizes a targeted approach to zoning changes, which will require further council approval. The plan serves as a framework for future affordable housing projects, with the first initiative involving six tax title properties that will be transferred to the trust for development opportunities.

Additionally, the meeting addressed the Housing Development Incentive Program (HDIP), which aims to encourage affordable housing development in designated zoning districts. This program was also approved by the council and will provide local and state tax incentives for projects that include at least 20% affordable units.

The meeting concluded with discussions about the Request for Proposals (RFP) process for city-owned properties, which will prioritize affordable housing development. City officials plan to present the conveyance of these properties to the trust at the next council meeting, allowing for a competitive bidding process that considers various development options.

In a significant update, the city received an additional $75,000 earmark from the state for a first-time homebuyer down payment assistance program, further supporting efforts to enhance affordable housing opportunities in Revere. The meeting underscored the city's commitment to addressing the ongoing affordability crisis and outlined a clear path forward for future housing initiatives.