Revere City trust expands first-time homebuyer assistance to 100% of AMI

At its June 11 meeting, the Revere City Affordable Housing Trust Fund Board of Trustees voted unanimously to expand eligibility for its first-time homebuyer down payment assistance program from 80% to 100% of area median income (AMI).

Joe Gravalese, chairman of the board, said the change aims to use remaining earmarked funds and broaden the applicant pool after several months of slow applications. Gravalese said the trust currently has a limited number of remaining awards and several approvals on hold: "we still have a few spots, I think 3 spots for any new... and then we have kind of 5 spots that we're holding," he said.

Gravalese also presented example income thresholds included in the board’s agenda materials: for a three-person household the 80% AMI cap was roughly $119,100 and the proposed 100% AMI cap roughly $148,900; for a one-person household the figures shown were about $92,650 (80%) and $115,000 (100%). Gravalese said those tables were circulated with the agenda for members to review.

Board members asked whether the funds were restricted by the original state earmark. Gravalese said the earmark for the program is flexible and does not by itself specify an income cap; he also said the board had reviewed the enabling language for municipal trusts under the Massachusetts General Laws and consulted MassHousing Partnership for guidance on permissible uses.

A board member moved to expand the program to 100% of AMI. The chair called the question and recorded the vote as unanimous.

Treasurer/finance staff reported the trust’s current balance was $907,943.33; Gravalese said the board intends to prioritize applicants at 80% and below while using the expanded cap to ensure allocated funds are used.

The board did not adopt additional eligibility changes at the meeting and directed staff to continue outreach and monitoring of outstanding awards.