Concord Trust integrates $5.1M funding to enhance affordable housing projects

The Town of Concord is gearing up for a significant boost in affordable housing, with the potential approval of the thorough 40B initiative. If passed, this could elevate the town's affordable housing percentage from 12.81% to an impressive 16.12%. However, officials caution that only 40% of the new units will be affordable, translating to just 5 out of 7,100 total housing units being restricted at some affordable level.

During the January 14, 2025, Housing Roundtable, town leaders highlighted the pressing need for more diverse housing options, especially as many local workers struggle to find affordable living arrangements. Currently, Concord has 46 units restricted for households earning between 100-150% of the area median income, but the demand for affordable housing continues to outpace supply.

The Concord Housing Trust has been proactive, having received $5.1 million since 2019, with $3.1 million already allocated to various projects. Notable funding includes $392,000 for the De Novo 40B project, which will create 51 affordable units, and $1.65 million for the Assabet River Bluff project, which will support five affordable units.

Looking ahead, the Trust is set to receive an additional $740,000 in June 2025, aimed at benefiting households earning up to 100% of the area median income. This funding is crucial as the town explores new revenue sources, including a proposed real estate transfer fee and building permit surcharge, to enhance its affordable housing initiatives.

The Trust is also collaborating with the Massachusetts Housing Partnership to refine its funding priorities and engage the community in discussions about housing development. This initiative aims to educate residents on housing economics and identify effective strategies for implementing affordable housing projects.

As Concord navigates these developments, the focus remains clear: to create a more inclusive community where all residents can afford to live and thrive.