Select Board authorizes $540,000 for three-year rental-preservation pilot

The Select Board unanimously authorized the Affordable Housing Trust to expend $540,000 to launch a three-year rental-preservation pilot aimed at keeping existing year-round rental housing available to local residents.

Christie Fantella, municipal housing director, outlined the program and said the Affordable Housing Trust worked with Placemate to design an application-based program that prioritizes existing year-round tenancies and gives preference to owners offering the most affordable rents. "The request before you tonight is an authorization, from the Affordable Housing Trust for $540,000 to launch a year round rental preservation program," Fantella said.

Key program elements presented include: eligibility verification via leases or proof of rental payments; one participating property per ownership group; preference for units rented at lower rates; and a three-year incentive-payment structure paid at 12, 24 and 36 months to encourage long-term retention. Placemate's community survey suggested an incentive of about $6,000 per year would encourage owners to keep units as year-round rentals.

Board members asked about long-term funding and whether the program should prioritize public-sector employees; Fantella said the funds come from the Affordable Housing Trust’s override allocation and the staff would explore whether an employee preference could be integrated. The board moved and approved the authorization; the motion passed by unanimous voice vote.

The Trust will issue a request for qualifications (RFQ) to hire an administrator to manage applications, rank candidates and administer payments. The board did not set an exact allocation per unit but approved the total pilot authorization and asked staff to return with implementation details and eligibility criteria as the RFQ process advances.