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Trustees consider affordable‑housing fund, acquisition strategy and development fees
Summary
At the work session trustees discussed creating or expanding an Affordable Housing Fund or land trust, repurposing an acquisition fund for housing, exploring development‑fee policy and special districts, and seeking grant sources such as CDBG or HUD to support affordability programs.
Trustees debated policy tools and funding mechanisms to increase affordable housing supply in Wellington, including an acquisition fund, an affordable housing trust and developer incentives.
Trustee Moore proposed broadening the town’s acquisition fund to include property purchases for affordable housing and establishing an affordable housing trust or land trust. “We have property that could be put into one that the town owns, should it become available,” Moore said, and suggested the town prepare to move quickly if suitable land becomes available.
Board members discussed multiple funding options: dedicating leftover project savings to an affordable housing fund, assessing development fees or impact fees to create a revenue stream, and using tax mechanisms such as a trust or district. One trustee recommended studying Golden’s model where a fund exists even if initially empty.
Staff and trustees also raised grant sources and programs to supplement local funds. A trustee suggested investigating Community Development Block Grants (CDBG) and HUD programs; staff noted CDBG had not been used by the town previously and said they would research applicability. Another trustee said creating a housing special district—where multiple jurisdictions contribute—was used elsewhere as a way to pool resources.
Trustees discussed practical next steps: evaluate whether the town’s acquisition fund on page 13 of the CIP could be reauthorized or expanded for affordable housing, task staff to model revenue impacts of development fees, and explore formation costs and timelines for an affordable housing trust or special district. No formal action was taken; trustees directed staff to return with options and cost estimates for inclusion in the 2026 budget discussions.
