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Somerville proposes housing assistance stabilization fund to smooth rental-assistance contracts
Summary
The Finance Committee reviewed a proposal to create a Housing Assistance Stabilization Fund under MGL c.40, §5B to hold multi-year rental-assistance money and allow continuity of landlord payments; no money was appropriated tonight and the committee recommended approval to the City Council.
The Somerville Finance Committee on Nov. 10 heard administration proposals to create a Housing Assistance Stabilization Fund under Massachusetts General Law chapter 40, section 5B.
Ellen Schachter, director of the Office of Housing Stability, told the committee the fund would allow the city to seed multi-year rental-assistance programs — such as municipal…
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