Why is the creation of a local housing trust a benefit to the community?

A housing trust can advance the Town's local housing goals and help to ensure that we continue to have a minimum of 10% of our housing stock certified as affordable. By establishing designated funds and creating a board to oversee their use, Danvers provides a local way to advocate for, and facilitate the development of, affordable housing. Using such a tool represents an alternative to the creation of affordable units under the State's Comprehensive Permit statute, Chapter 40B. As we are aware, many of our children, Town employees and current Danvers' residents cannot afford to purchase a home in town because of the high cost of housing; the trust assists Danvers establish a locally-directed process to help meet this need.

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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?