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Affordable Housing Trust asks CPC for $400,000 development fund and $50,000 for rental assistance
Summary
The Westford Affordable Housing Trust asked the Community Preservation Committee for $400,000 to create a flexible development fund for down‑payment assistance and quick acquisitions, and for $50,000 to replenish rental assistance programs, prompting questions about governance, legal vetting and where repayments would be held.
Joan, representing the Affordable Housing Trust, asked the Community Preservation Committee for $400,000 to create a development fund that would let the trust ‘‘react quickly’’ to opportunities such as helping buyers with down payments or partnering with developers to preserve affordable units.
The request, Joan said, would typically take the form of repayable loans: ‘‘We would provide these funds as a loan,’’ she said, and when an affordable unit is later sold the borrower would ‘‘have to repay the town.’’ Joan added the trust also wants flexibility to help buy…
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