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Revere trust examines Wellfleet-style ADU loan program and forms working group
Summary
Board members discussed a forgiving $10,000 ADU loan model based on Wellfleet’s program, raising questions about upfront funding, monitoring, owner-occupancy and term length; the board will form a working group to develop details.
At the June 11 meeting the Revere City Affordable Housing Trust Fund Board discussed a proposed accessory dwelling unit (ADU) loan program modeled on Wellfleet’s approach: four $10,000, fully forgivable, 0%-interest loans for owner-occupants who create an ADU and rent it at an affordable rate for five years.
Joe Gravalese described key features of the Wellfleet model: the loans are forgiven at $2,000 per year over five years if the owner complies with rent and occupancy rules, an annual…
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