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Revere Trust outlines multiyear budget framework and explores buying deed‑restricted homes to expand ownership
Summary
The Trust reviewed its fund balance and a multiyear budget framework, prioritizing affordable homeownership, ADU support, and extremely low‑income assistance. Members discussed using right‑of‑first‑refusal clauses on existing deed‑restricted properties as low‑cost homeownership opportunities.
At the May 14 meeting the Revere Affordable Housing Trust Fund Board reviewed its current balance and a multiyear budget framework that the board said will guide spending priorities.
Treasurer (supported by Asuta Newton, assistant budget director) reported a current Trust balance of about $905,420.25. The treasurer and chair discussed an assumed annual city allocation (approximately $222,634) and projected interest earnings as part of a planning model. Chair Joe Gravalese said the board should maintain a buffer — he proposed around $350,000 — leaving an estimated roughly $557,000 available to commit this fiscal year under the illustrative…
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