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Revere trust to open competitive round for affordable housing proposals with $150,000 first-round pool
Summary
The trust proposed a transparent application and selection process for a first funding round of $150,000 to support projects that create or preserve affordable housing; priorities include maximizing local resident benefit, leveraging other funding sources, and favoring deeper affordability (≤60% AMI).
Joe Rafalese presented a draft open call for affordable-housing proposals and said the trust will create a transparent process and scoring criteria rather than making ad hoc funding decisions.
The trust would make $150,000 available in the first round of funding. Rafalese said there is no fixed limit on the number of projects that may be funded; trustees could allocate the full pool to a single project or divide the funds across several proposals until the pool is exhausted.
Rafalese suggested prioritizing applications that preserve units for current Revere residents (for example, projects that replace existing affordable units and provide return rights), proposals that leverage other funding sources (state, federal, philanthropic) and projects serving households at or below 60% of AMI. He said the first round would have a firm deadline (suggested two months) and that applicants would present to the trust after filing.
Trust members expressed support for moving from ad hoc decisions to a formal application and review process. Rafalese said staff will bring a finalized application and timeline to the next meeting for trustees to approve.
Rafalese noted the proposal is intended to be flexible to fund small or large projects that meet the trust’s goals and to support both extremely low-income rental projects and supportive housing.
