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Trust to press CPC for unspent CPA funds and explores short-term bank financing for property purchases
Summary
The trust will ask the Community Preservation Committee to transfer excess CPA funds into the Trust account and is exploring short-term borrowing with Main Street Bank to enable faster property acquisitions; members reported four recent unsuccessful property pursuits and noted CPA rules may limit creative financing.
The Town of Southborough Affordable Housing Trust agreed to pursue a two-pronged financing approach: seek excess Community Preservation Act (CPA) funds held by the Community Preservation Committee (CPC) and explore short-term bank borrowing to enable quicker property acquisitions.
Ellen (trust member) said CPC requested more specificity about projects in the trust's CPA application; the committee asked for project-level details, current trust account balances and clarification about proposed affordability levels. Trust members said they do not have…
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