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Trust approves revised payment schedule for CHDC'Habitat Asabet River Homes project
Summary
The trust approved a revised disbursement schedule for the Concrete Housing Development Corporation's Asabet River Homes project (one payout moved from July to September) and reviewed an $850,000 CHDC buy-down agreement that will create SHI-countable units.
The trust reviewed an executed agreement with the Concrete Housing Development Corporation (CHDC) that provides $850,000 for a buy-down program to convert a market-rate unit into a subsidized housing inventory (SHI) countable unit; $350,000 of that total is structured to be repaid to the trust upon sale proceeds.
Trust staff explained a proposed revision to Exhibit A (the payment schedule) of the May 1, 2025 agreement between the trust and CHDC: the redline schedule moves the second house payout from July to September and leaves the total payout amount and the final completion date unchanged. Liz (staff) described the revised timeline and explained the delay affects the second house.
Trustee Matt Johnson moved to approve CHDC's request to revise the payment schedule for the $500,000 disbursement shown in Exhibit A; Mary seconded. The board approved the motion by roll call. Trustees noted a Habitat build day on May 1 and thanked CHDC and Habitat for ongoing work on the project.
The trust will monitor construction progress and the repayment terms associated with the buy-down agreement, which is intended to convert market-rate units into SHI-countable units when sale proceeds permit repayment to the trust.
