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Trust approves execution of Richmond Meadows I regulatory agreement to deed‑restrict units at 80% AMI
Summary
The Affordable Housing Trust authorized the chair or designee to execute a regulatory agreement that will deed‑restrict Richmond Meadows I units at 80% of area median income in perpetuity; the select board is scheduled to execute the same agreement at its April 30 meeting.
The Affordable Housing Trust voted unanimously to authorize the chair or designee to execute the regulatory agreement for Richmond Meadows I, which places deed restrictions on the project’s units to keep them at or below 80% of area median income (AMI) in perpetuity.
Trust staff said the Executive Office of Housing and Livable Communities approved Richmond’s application to add Meadows I to the state’s subsidized housing inventory. The regulatory agreement documents the restriction and will be executed by the trust and by the select board; the select board’s execution is scheduled for its April 30 meeting, staff said.
No trust members asked questions on the agreement after the staff presentation. A motion was made to authorize signature authority for the chair or designee; Abby D’Amelina seconded. The motion passed by roll call vote without opposition.
