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Lowell trustees establish Affordable Housing Trust Fund, accept $3.3 million ARPA seed
Summary
The newly formed Lowell Affordable Housing Trust Fund voted to accept $3,300,000 in ARPA funds and authorized the city manager to record a declaration of trust; trustees elected officers and set a July 16 follow-up meeting.
The Lowell Affordable Housing Trust Fund voted Wednesday to accept $3,300,000 in American Rescue Plan Act funds and authorized the city manager to record a declaration of trust, the board’s first formal actions.
The vote formally establishes the city’s Affordable Housing Trust Fund and allows the city manager or a designee to record the trust’s declaration with the registry of deeds. Assistant City Manager for Fiscal Affairs Connor Baldwin, who ran the inaugural meeting, told trustees: “This is our inaugural meeting.”
Why it matters: the $3.3 million is one-time ARPA seed money with two statutory deadlines the board must track. “There are 2 deadlines with the ARPA funds,” Baldwin said during the meeting, noting an encumbrance deadline that has passed and an expenditure…
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