Affordable Housing Trust Fund
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.
Click here to view full text of the ordinance (Chapter 2.90 Affordable Housing Trust Fund; Board).
Affordable Housing Trust Fund Goals
- Provide support for low-income, elderly and disabled renters in Revere to prevent displacement of Revere residents.
- Encourage and support first-time home-buyers who are Revere residents looking to stay in the city, through education, funding programs, and other resources.
- Provide support for low-income, elderly and disabled homeowners in Revere struggling with the rising cost of homeownership.
- Encourage the preservation and/or creation of deed restricted affordable housing for residents at or below 80% of Area Median Income (AMI), through education and advocacy, as well as in the long run through directly supporting these efforts.
Board of Trustees
Revere community members with a strong interest or expertise in affordable housing are invited to 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.
Milestones
- July 12, 2021: Revere City Council approves establishment of a Revere Affordable Housing Trust [View the Council Order here]
- May 24, 2021: Public Hearing; Revere City Council votes to accept the Provisions of Section 55C of Chapter 44 of Massachusetts General Laws [21-171]
Related Documents
News and Events Archive
- “City Council Approves Formation of Affordable Housing Trust Fund,” Revere Journal (July 14, 2021)
- Massachusetts Housing Partnership conducts Affordable Housing Trust Fund 101 & Listening Session (May 6, 2021) - [view video here]
- Massachusetts Housing Partnership selects 3 communities for its new housing trust technical assistance program (March 18, 2021)