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Newburyport trust details down‑payment aid, $450,000 contribution to senior housing
Summary
Andrew Shapiro, Newburyport Affordable Housing Trust co-chair, described 16 years of trust work including a down‑payment assistance program (up to 10% of purchase price, max $20,000), a $75,000 critical home‑repair pilot, rental assistance programs and a $450,000 contribution to redevelop a downtown elementary school into 29 senior affordable units.
Andrew Shapiro, co‑chair of the Newburyport Affordable Housing Trust, presented the trust’s long‑running programs and funding approaches during Groveland’s August 3 meeting.
"We provide up to 10% of the purchase price, max of $20,000 for eligible household," Shapiro said, describing a deferred forgivable‑loan structure used to help first‑time buyers with down payments and closing costs. He said the trust’s eligibility generally targets households up to 80% AMI and has recently expanded eligibility to 100% AMI for some products to help moderate‑income families.
Shapiro said Newburyport has supported rental assistance partnerships (about $200,000 provided covering roughly 80 households / 169 residents) and is piloting a $75,000 critical home repair program focused on seniors. He also described a recent one‑time capital contribution of $450,000 to a redevelopment of the Brown School into 29 senior affordable units; that project included state subsidies and a developer‑coordinated capital stack.
Why it matters: Newburyport’s mix of steady CPA revenues, flexible trust allocations, and targeted down‑payment and rental programs offers Groveland concrete program models to consider. Shapiro advised that trusts often serve as both funding sources and conveners of developer and nonprofit partners rather than sole builders of new units.
