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Trust discusses streamlined down-payment assistance for Alden’s Reach buyers; no funding approved
Summary
The Trust discussed options to expedite down-payment assistance for qualified buyers at Alden’s Reach, noting CDBG limits of about $12,000–$15,000 and past Trust assistance of $20,000–$25,000; members requested a streamlined process and Kristin Ford suggested applying to CPC for funding.
The Plymouth Affordable Housing Trust discussed expanding down‑payment assistance for buyers at the Alden’s Reach development during its May 20 meeting. Trust members reported the development was having difficulty selling its affordable units and reviewed possible support options.
Staff noted existing Community Development Block Grant (CDBG) down‑payment assistance is typically limited to about $12,000–$15,000 per buyer, while the Trust has previously provided larger assistance — roughly $20,000–$25,000 — to eligible homebuyers. Trust staff proposed creating a streamlined process and setting a maximum assistance amount per buyer, along with a dedicated Trust allocation that would be used until those funds were exhausted.
Kristin Ford of the Community Preservation Committee suggested the Trust consider applying to the CPC for down‑payment assistance funds at Spring Town Meeting. The Trust did not vote on any allocation or program changes; members deferred further discussion to a future meeting.
