Revere Affordable Housing Trust Fund reports $680,180, approves minutes; council cut free-cash allocation to 5%

Revere City Affordable Housing Trust Fund Vice Chair Clarence Rillo said the trust fund’s current balance is $680,180.67 and the board approved the previous meeting’s minutes at the April 9 monthly meeting.

The change that most directly affects the trust’s capacity to make new awards is a recent city council amendment reducing the trust’s automatic share of the city’s “free cash” from 10% to 5%. Rillo said the chief financial officer and council estimate the trust will receive about $220,000 under the new percentage, down from prior years’ amounts. That reduction was described as necessary because other newly created trust funds in Revere also require funding.

The meeting’s nut graf: the Trust faces a smaller recurring revenue stream than in prior years and is exploring partnerships and program design changes to preserve and expand assistance while the board considers whether to add small one-time supplemental funding to ongoing programs.

Treasurer/staff speaker Anayo Osweke provided the balance and attributed the figure to the Revere City audit office: "The current balance for the affordable housing trust committee is $680,180.67. This was given to me by the Revere City audit office." The trustees voted to approve the minutes; Dean Harris moved the motion and a second was recorded and the minutes were approved.

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