Board explores acquiring donated or foreclosed homes, cites Chatham'style program
Summary
Members discussed developing a small acquisition/rehab program to take donated or tax-foreclosed properties, rehab them, and either rent or sell with matched down-payment support—pointing to a Chatham model as precedent.
Several members urged the trust to investigate small-scale acquisition and rehabilitation of donated or tax-foreclosed homes as a way to create affordable units without paying market land prices.
"Chatham's program started with donations of property to their affordable housing trust," one member said, describing how donated homes were either rented by a housing authority or rehabs were sold after matched down-payment assistance. Staff said the trust has considered similar approaches and noted that such efforts require years of relationship building with banks, nonprofits and sellers.
Board members recommended exploring partnerships with a local bank or nonprofit to underwrite rehab financing and to review whether the town should more aggressively solicit donations or offer incentives (annuities, tax abatement) to owners who would donate property under a life-time occupancy or similar arrangement.
The trust asked staff to place acquisition/rehab on a future agenda for a deeper program design discussion.
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