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Trust extends Lease to Locals renewals: second-year 50% and third-year 25% payments approved
Summary
The Affordable Housing Trust agreed to fund a stepped renewal incentive for the Lease to Locals preservation program: homeowners joining in the prior year will receive a 50% second-year payment and eligible properties will receive a 25% third-year payment using rollover grant funds through year-end.
At the July 15 meeting the Affordable Housing Trust approved extending payments for renewals under the town—s Lease to Locals program, adopting a step-down incentive structure to preserve year-round rentals. Under the approved motion, properties that joined in the prior year will receive a second-year payment at 50% of the original grant amount; eligible properties entering a third year will receive a 25% payment. Staff said the extension draws on rollover funding from a prior grant and requires no additional…
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