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Affordable Housing Trust recommends FY27 reserves for down‑payment assistance and development grants
Summary
The Great Barrington Affordable Housing Trust recommended carrying forward unspent FY26 funds ($100,000 down‑payment balance and $100,000 ADU line) and proposed $175,000 in FY27 reserves for down‑payment assistance (seven units) and $150,000 for Affordable Housing Development grants, pending the July quarterly report.
At its June 18 meeting the Affordable Housing Trust reviewed FY26 activity and proposed budget targets for FY27, recommending carryforwards and specific reserves for housing programs.
Trustee Ananda Timpane reviewed a screen showing FY26 activity: the Trust had budgeted six $25,000 down‑payment awards for Prosperity Way (total $150,000) but only two applications were submitted and approved, totaling $50,000. The Trust recommended carrying the remaining $100,000 forward into FY27. The Trust had also budgeted $100,000 for an ADU program that will open in the next fiscal year; the recommendation was to carry that $100,000 forward as well.
For FY27 the Trust recommended reserving $175,000 to support down‑payment assistance for seven additional Phase II Prosperity Way units and proposed a $150,000 line for Affordable Housing Development grants. Trustee Fred Clark suggested the Trust consider increasing the Housing Development line, noting past CPA grants have been in that approximate range; Trustee Timpane confirmed historical CPA grant levels around $150,000.
The Trust noted additional near‑term income from interest on funds held and that final FY27 allocations could be adjusted after the quarterly report due in July. No formal budget appropriation was made at the meeting; the recommendations will inform the Trust's planning and any warrant articles or grant applications in FY27.
