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Plymouth Affordable Housing Trust approves $30,000 to cover closing-cost gaps for deed-restricted buyers
Summary
The Trust voted unanimously June 17 to use $30,000 in Trust funds to supplement federal CDBG aid for purchasers of deed-restricted affordable homes in June'July, aiming to bridge small funding gaps that otherwise could scuttle sales.
The Plymouth Affordable Housing Trust voted unanimously on June 17 to allocate $30,000 from its funds to cover closing-cost gaps for buyers of deed-restricted affordable homes for the June'July period. Kathy Dunn, a Trust member, moved for the allocation and George Herz II seconded; the motion passed 8'0–0.
Trust staff told members the Down Payment Assistance Program is not new but has been inactive because of limited funding. The Community Development Block Grant (CDBG) assistance the town currently uses for such buyers generally provides about $10,000 to $15,000 depending on eligible costs, and those federal limits can leave small shortfalls that prevent closings. Trust members discussed using Trust funds only to supplement CDBG and only for purchasers of deed-restricted units to bridge those gaps.
The motion adopted included documentation of program restrictions and limits on eligible expenses to avoid conflicts with federal CDBG rules, according to staff. The vote was recorded as unanimous by the eight voting members present; one member was listed as absent for the meeting.
The Trust took no other formal funding votes at the June 17 meeting. The meeting adjourned at 9:14 a.m.
