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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 scenario.
Gravalese asked the board to prioritize three "buckets": subsidized homeownership opportunities for Revere residents (the top priority), accessory dwelling unit (ADU) support such as small loans or grants restricted to below‑market rents, and programs for the extremely low income (0–30% AMI) including people at risk of homelessness.
The board discussed potential tools. Gravalese described a path that could arise when owners of deed‑restricted properties decide to sell. "The deed specifically spells out that the city actually has right of first refusal," he said. He told members that several properties with such deed restrictions — originally created by the Malden Redevelopment Authority and later transferred to Revere — may come on the market; purchase at the deed‑restricted price could allow the Trust or city to re‑sell to income‑eligible Revere residents at the same affordable price, with only limited transaction costs.
Board members asked clarifying questions about monitoring deed‑restricted properties, occupancy status, and displacement risk. One member noted the owner‑occupancy requirement on many of those restrictions, meaning most are occupied by the qualifying owners now; another member noted some deed‑restricted units may be rented out and that monitoring could reveal additional risks or opportunities. The chair said the Trust could assume monitoring responsibility for the subsidized housing inventory or work with city staff to be prepared to exercise right of first refusal when notice is given.
Board members also agreed to convene subcommittees on homeownership and fundraising and to schedule meetings soon to prepare program design (including ADU loan/grant parameters and possible purchase procedures for deed‑restricted homes). The chair said drafts of program details and research into transaction costs will be presented to the subcommittee and returned to the full board for further direction.
