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Trust weighs subsidy to add six senior units at Westborough Shopping Center project
Summary
Trustees told developers the Trust supports raising affordable share from 20% to 25% at the Westborough Shopping Center project and discussed offering up to $38,000 per unit (up to $228,000) to create six deed-restricted 55+ units; trustees requested developer financing details and EOHLC guidance on SHI eligibility before committing funds.
Unidentified Speaker 1 and other trustees described recent meetings with the Colangelo family, the proposed developers of the Westborough Shopping Center (WSC), and said the project’s unit mix would require about 20% of each unit type to be affordable. Trustees said moving from 20% to 25% affordable across unit types could add six additional deed‑restricted senior units that would help the Trust meet local SHI objectives.
The chair outlined a potential subsidy structure and said: "we would like to negotiate a subsidy of 38,000 per unit for up to 6 units totaling 228,000," conditioned on the development including at least six SHI units deed‑restricted to ages 55-plus and meeting other requirements. Trustees debated whether age restrictions at 55 (vs. 62) could jeopardize SHI eligibility under a 2018 EOHLC ruling and agreed the developer must seek an EOHLC LIP filing or a formal determination.
Trustees emphasized objectives: (1) maximize units that count toward the Subsidized Housing Inventory (SHI); (2) increase the affordable share to 25%; (3) seek local preference where possible and a proportional distribution of affordable unit sizes. Trustees asked the developer for detailed financing plans and a development model showing how an additional six units would be feasible, noting subsidy amounts may change once the developer’s financing needs are clearly documented.
Next steps: trustees will continue negotiations, ask the developer to submit financing and LIP/EOHLC materials, and invite the developer to present a refined proposal at a future Trust meeting; no final subsidy commitment was made at this session.
