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Lowell City trust board reviews $500,000 loan terms, pushes to fill pipeline before 2026 deadline
Summary
The Lowell City Affordable Housing Trust Fund board reviewed terms for a proposed $500,000 loan to Bob Cox (2% interest, 30-year amortization), agreed the finance office will circulate loan documents, and discussed urgency to obligate trust funds before the Dec. 31, 2026 deadline. The board approved routine minutes amendments and set its next meeting for March 18, 2026.
The Lowell City Affordable Housing Trust Fund board met Feb. 18, 2026, to review a $500,000 loan application from Bob Cox and to discuss accounting, project pipeline and deadlines for spending the trust's funds.
George Colores, the board administrator, opened the meeting and conducted roll call. He said the Community Preservation Act application is with the audit committee and that the committee postponed a decision until March 5, 2026. He introduced the Cox loan as continued business and outlined the basic terms that had been prepared by finance and the law department.
Connor Baldwin of the finance office described the loan terms and the accounting plan. "You mentioned, and it's listed here, 2% interest over 30," Baldwin said, and added, "it's my understanding that Mr. Cox does intend to pay back the…
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