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Trust to facilitate sales of deed-restricted properties rather than acquire them
Summary
After consulting MassHousing Partnership, the Revere City Affordable Housing Trust Fund Board discussed facilitating sales of deed-restricted properties instead of acquiring them, to reduce liability and speed transfers to eligible buyers.
The Revere City Affordable Housing Trust Fund Board discussed a recommended approach on June 11 to facilitate sales of deed-restricted properties rather than to acquire them directly.
Joe Gravalese said the board consulted MassHousing Partnership technical assistance and was advised the trust could serve as a facilitator in sales without taking title. Under that model the trust would connect property owners to the city’s on-call realtor, help market units to qualified buyers and steer eligible buyers toward existing first-time homebuyer assistance.
Deb Frank said the trust should avoid taking title because ownership brings liability and insurance costs; she described facilitation as a lower-risk role where the trust could assist buyers with purchase-and-sale paperwork, lender referrals and potential buy-downs. Gravalese said the trust currently has a small pool of approved buyers for the first-time homebuyer program but that none had yet entered purchase-and-sale agreements.
The board discussed possible uses of trust funds to buy down interest rates or subsidize deed restrictions and agreed staff from Planning and Community Development would reach out to owners of deed-restricted units who had expressed interest in selling.
No formal vote was taken; the board agreed to continue the item on future agendas and to explore outreach and facilitation mechanics with city staff.
