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Trust authorizes $100,000 progress payment for Assabet River Homes project
Summary
The Concord Municipal Affordable Housing Trust voted to authorize the chair to release a $100,000 progress payment to Assabet River Homes when the paving milestone is completed; trustees approved the release by roll call.
Chair Matt told trustees that construction milestones for the Assabet River Homes project are approaching and asked for authority to release a scheduled progress payment. Trustees moved and seconded a motion authorizing the chair to release $100,000 for the project; the motion passed by roll call with ayes recorded.
Matt said the payment will be released once the paving milestone is complete: "So I will release those funds when, I think the paving is done is, I think, the key milestone." The trustees flagged that a closing on the first unit is imminent once site access (driveway) is in place, and they framed the vote as part of routine project oversight rather than a new program commitment.
