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Trust withdraws funds for 91B Main Street pending Phase II environmental assessment
Summary
The Concord Municipal Affordable Housing Trust paused its previously committed funding for the 91B Main Street project until a Phase II environmental site assessment is completed and agreed to formally approach the state about permission to undertake that assessment.
At the June 23 roundtable, Matt Johnson said the Trust has "withdrawn previously committed funds for this project pending resolution of a required Phase II environmental site assessment." He described two immediate action items: formally approach the state for permission to conduct the Phase II assessment and finalize the project's cash-flow model before re-committing funds.
The Trust did not set a timeline for releasing funds but tied the pause to the technical and financial uncertainties identified in the environmental review process. Members expressed that confirming the cash-flow model is necessary before moving funds back into the project.
