Revere's Affordable Housing Trust Fund was established in July 2021 following a unanimous vote of the Revere City Council on July 12, 2021. See Council Order 21-172: An Ordinance Establishing an Affordable Housing Trust Fund. This page will be updated regularly as information becomes available.
Municipal Affordable Housing Trust Funds
Municipal affordable housing trusts allow municipalities to collect funds for affordable housing, segregate them out of the general municipal budget into a trust fund, and utilize these funds for local initiatives to create and preserve affordable housing.
In Massachusetts, the passage of M.G.L. Chapter 44, Section 55c in 2005 enabled municipalities to begin more actively creating housing trust funds to support the advancement of local affordable housing goals.
The establishment of a municipal affordable housing trust fund is also listed as a recommendation in Revere’s Next Stop Revere Master Plan, completed in early 2020.
Revere community members with a strong interest or expertise in affordable housing are invitedto apply for or nominate an individual for Revere’s Affordable Housing Trust Fund Board. Please visit the Boards and Commissions page for more information and to complete an application.
What is the purpose of a municipal affordable housing trust fund (MAHTF) organized under Massachusetts General Law Chapter 44, Section 55c?
According to the statute, the purpose of the trust fund is “to provide for the creation and preservation of affordable housing in municipalities for the benefit of low and moderate income households and for the funding of community housing, as defined in and in accordance with the provisions of chapter 44B.” (Chapter 44B is the Community Preservation Act.)
How many local affordable housing trust funds are there in Massachusetts?
The Massachusetts Housing Partnership has identified at least 123 local affordable housing trusts in Massachusetts. Most of these were organized under M.G.L. Chapter 44, Section 55c. A handful were established prior to the 2005 passage of the MAHTF enabling legislation through petitions under the state’s Home Rule Act.
How is “low and moderate income” defined?
The statute does not define “low and moderate income.” Communities should look to existing definitions in local, state and federal programs to define “low and moderate income” for the work of the local housing trust fund.
Is a local AHTF another housing authority?
What will the composition of Revere’s municipal affordable housing trust fund board look like?
Revere’s affordable housing trust fund will consist of nine members appointed by the Mayor, subject to confirmation by the City Council. Appointees shall reflect the geographic and ethnic diversity of the city and the Mayor, or a designee, will chair the trust fund board. A minimum of five trustees will be Revere residents. Appointees will reflect the minimum following requirements:
One individual with financial/lending experience
One individual with experience in housing development
Two individuals from community organizations
Two individuals who are tenants in the City of Revere. One must live in an affordable housing property and the other in a market-rate unit.
One seat shall be reserved for the City Council president, or their designee.
Do votes by the MAHT fund board require majority or super-majority support?
Unless an ordinance specifies otherwise, housing trust fund boards operate requiring majority support. The Revere affordable housing trust fund will use majority support.
