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Trust weighs CPC, ARPA and buy‑down strategies as Concord eyes surplus 91B Main property
Summary
Trustees discussed a $740,000 Community Preservation Committee application, a $500,000 ARPA workforce‑housing allocation for 91B Main Street, and whether to prioritize buy‑down purchases or larger projects; consultants found wetlands on the 91B site and trustees asked for more pro‑forma details before committing funds.
Trust members on Oct. 1 discussed short‑term funding choices and a longer‑term strategy for workforce and affordable housing, with specific attention to a surplus‑property opportunity at 91B Main Street that the town has targeted for workforce housing.
The trust noted a Community Preservation Committee (CPC) hearing is scheduled Oct. 8 for the trust's $740,000 application. The chair reported an ARPA award of $500,000 intended to support workforce housing at the 91B Main surplus state property; trustees said the town has contributed a total of about $1,000,000 in ARPA funds to the trust over time.
Trustees debated whether to use trust funds for buy‑downs (purchasing individual naturally affordable units and reselling to income‑qualified buyers) or to concentrate scarce dollars on larger projects such as Junction Village and development at 91B Main. Trustee Mary Hartman said buy‑downs can be counterproductive when they remove naturally affordable units from the market and cost many thousands of dollars per unit in subsidy. "It seemed kind of counterproductive to me to take a unit that's organically affordable, spend net $3,400,000 to make it affordable," she said, noting the tradeoffs in cost per unit.
Other trustees argued buy‑downs may be appropriate for smaller houses at risk of demolition or as short‑term working capital to rehab units and return them to the affordable stock. Rich Feely suggested short loans or working‑capital arrangements could be explored so the trust's funds are recycled.
On 91B Main Street, trustees said work by consultants (Dylis and Roy) and planning staff found significant wetland areas that reduce feasible unit counts; trustees discussed whether the federal agency disposing of surplus property would offer a discount for an affordable housing proposal and noted a need for more detailed pro‑forma work (unit counts, AMI targets, sources and uses) before committing additional funds. One trustee noted that without a discount the ARPA award would leave a funding gap of roughly $150,000 against an appraisal figure discussed in meeting materials.
Trustees agreed to broaden discussion with CHDC, the housing authority and other housing partners, and to schedule a dedicated conversation among housing groups (the chair suggested a housing roundtable in December) to set shared priorities for limited funds.
Next steps: trustees will seek more detailed cost and unit analyses for 91B Main Street, coordinate a joint discussion with CHDC and other housing partners on buy‑down vs. project priorities, and monitor the Oct. 8 CPC hearing outcome.
