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Lowell trust records first loan payment from Bob Cox for 29-unit project
Summary
Chair George Colores reported the Affordable Housing Trust received its first payment from Bob Cox on a $500,000 loan for 267 Pawtucket Street (29 units); staff are moving collection to a loan servicer and will circulate servicer proposals to the board.
The City of Lowell Affordable Housing Trust Fund board said on July 15 that it received its first payment from Bob Cox on a $500,000 loan backing a 29-unit project at 267 Pawtucket Street.
Chair George Colores told trustees that the first check has been deposited and represents accrued interest through June 30, 2026. "We got our 1st check from Bob Cox who made his payment," Colores said.
Colores said Kelly Oates in the audit department is currently collecting the payment while staff negotiate a formal loan-servicing arrangement. He said the executive staff is in discussions with a local bank to establish a loan-servicing agreement and, if that agreement is finalized, the bank will take over collection duties from the audit office.
A board member asked whether Cox still planned to pay off the loan early; Colores said Cox had discussed that possibility but had not committed to an early payoff, so the Trust has begun collecting monthly payments.
Trustees did not vote on loan-servicing selection at the July meeting; staff said they would package any servicer proposals and present details to the board for review before a decision is made.
The board also noted broader funding work, including a $310,000 CPC deposit to the Trust account and continuing efforts to solicit proposals for ARPA and other funding sources.
