Revere Affordable Housing Trust reports $668,625.87 balance; first-time homebuyer subsidies moving toward closing

The City of Revere Affordable Housing Trust Fund Board reported a trust balance of $668,625.87 and said it is preparing to move funds to approved first-time homebuyer applicants once they provide purchase-and-sale agreements.

Treasure Enyo Osmarqui reported, "the current balance is $668,625.87." That figure was presented at the board's Jan. 8 virtual meeting, held because council chambers are under renovation.

Chair Joe Gravelizzi said trust staff and officers are continuing the handoff of program responsibilities after a recent staff departure and that he has taken on additional processing and applicant communication. "We're in the process of... tracking eligibility, communicating with applicants," Gravelizzi said, adding that several applicants are in the waiting window to finalize purchases before the trust can expend funds.

Nut graf: The trust has a modest operating balance and an active pipeline of first-time buyer applicants; disbursement depends on applicants completing purchase paperwork and the board completing its administrative steps.

Board members did not vote on new allocations at the meeting. Gravelizzi said the board has established a regular workflow to manage agenda posting, minutes and follow-up tasks so funds and program administration can proceed in a timely manner.

The board briefly discussed that the trust expects an additional allocation tied to the city's upcoming free cash certification (the trust receives a fixed percentage of the city's free cash), but members said the amount is not yet known and no expenditure decisions were made at the meeting.

Ending: Gravelizzi said he will provide further updates as the trust processes first-time homebuyer closings and completes administrative handoffs; the board did not set new disbursement dates at the Jan. 8 meeting.