What can a local housing trust do?

A local housing trust allows municipalities to designate certain funds for affordable housing, segregate them out of the general municipal budget into a trust fund, and use the funds for local initiatives to create and preserve affordable housing. Examples of what a local affordable housing trust fund can do include:

  • Provide financial support for the construction of affordable homes by private developers (non-profit or for-profit);
  • Rehabilitate existing homes to convert to affordable housing;
  • Increase affordability in new housing development projects;
  • Develop surplus municipal land or buildings;
  • Preserve properties faced with expiring affordability restrictions;
  • Create programs to assist low and moderate income homebuyers;
  • Create programs to help low and moderate income families make health and safety repairs;
  • Educate and advocate to further affordable housing initiatives.

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1. Why is the creation of a local housing trust a benefit to the community?
2. What financial oversight of the trust will be required?
3. Are meetings of the trust subject to the open meeting law?
4. What controls the limits of the Trust’s authority?
5. What is the term of office for the trustees of the Housing Trust?
6. Who would appoint members to the housing trust?
7. Who would be members of the trust?
8. Can’t town staff and town meeting perform these functions now?
9. What funds can be used in a local housing trust?
10. Will the trust’s activities (including potential borrowing or property purchase) have the potential to negatively affect the Town, the Towns financial stability, bond rating or borrowing capacity?
11. What is the advantage to creating a local housing trust when we already have the Danvers Housing Authority?
12. What can a local housing trust do?