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.

Fundraising subcommittee report: Fundraising subcommittee member Nial (first name only in the record) said the subcommittee met March 19 and screened about 40 banks, narrowing the list to roughly seven that have previously supported affordable-housing efforts. Nial cautioned that "most of these fundraising offers or applications require that the organization be a 501(c)(3)," meaning the Trust will need to partner with an eligible nonprofit or explore creating a separate nonprofit arm to apply for many charitable grants.

Trustee Deborah Frank suggested adding local real-estate industry foundations to the outreach list, naming the Massachusetts Association of Realtors and the Greater Boston Association of Realtors as examples; the suggestion was accepted for follow-up. Nial said the subcommittee will pursue nonprofit partners and track application windows, some of which open as soon as mid-May.

Homeownership and program updates: Matthew (Matt) Wolfer, chairing the homeownership subcommittee, reported on three priorities: the first-time homebuyer down-payment assistance program, proposed RDU conversions (the Trust is awaiting the city council's RDU ordinance before proceeding), and a possible condo-conversion grant program.

On the down-payment assistance program, staff reported 25 total applications since the program opened. Of those, one applicant has been fully awarded funds and completed a purchase; five applicants have been conditionally awarded pending a signed purchase-and-sale agreement; two are described as likely eligible; 12 are classified as potentially eligible but awaiting documents (tax returns, required first-time-homebuyer class completion); one applicant withdrew; and four were found ineligible after paperwork review. The program has had two initial funding rounds ($50,000 and $75,000) totaling $125,000 intended to support 12 recipients under the current award structure. Staff said Joe (identified in the record as leading application processing) may ask the board in May or June to authorize an additional $5,000 so the program can make 13 awards and round funding to $130,000.

On condo conversions, Wolfer said the subcommittee underwrote 18 sample properties and estimated an average end-to-end project cost of about $1,200,000 per conversion (acquisition, closing, rehab, carry). After underwriting assumptions (3-person household, 2025 income limit of $119,100, 6.75% interest, FHA 5% down, and no other debt), the subcommittee calculated a weighted average gap — the approximate per-unit subsidy the Trust would need to make a converted unit affordable — of "just about $108,000." Wolfer noted that real applicants are likely to have other debt, which would increase subsidy needs, and the Trust still must decide whether to offer a flat-dollar grant or tailor awards project-by-project.

City property and regulatory updates: The board heard that the city council unanimously voted earlier to convey five city-owned tax-title properties to the Trust for potential affordable-housing use. Planning staff and the city engineer advised the Trust that one parcel, identified in the record as the Hitch Born Street lot, is unbuildable because of size and two significant underground easements; the Trust will not pursue housing projects on that parcel and staff expect it may be sold for parking or yard/storage by an abutting owner. Planning Chief Tom Skorowski (not present at the meeting) and staff will work with the Trust and an on-call realtor to develop requests for proposals (RFPs) and prioritize objectives for the parcels the Trust intends to market.

Trustees also received an update on state accessory-dwelling-unit (ADU) guidance released earlier in the year. Rillo said the city is tailoring the state's ADU framework to Revere’s zoning and that planning staff will work with councilors to clarify what Revere may require of homeowners and builders under the new rules.

The meeting closed with reminders that the down-payment assistance program is still accepting applications while funds remain and that the next regular Trust meeting is scheduled for Wednesday, May 14, 2025, at 6:30 p.m.

Votes at a glance: Minutes of the previous meeting — motion to approve moved by Dean Harris, second recorded (not named in the record); outcome: approved.