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An Affordable Housing Trust Fund

19.09.2016 - Housing news
An Affordable Housing Trust Fund

The Board of Selectmen, Reading Housing Authority, and representatives from Oaktree Development will gather on June, 2 to discus the details of a plan that would offer the firm the currency it says it requires to go forward with the redevelopment of 30 Haven Street, at the same time they say that a great percentage of the support will be returned back to the city. By the way, the Board of Selectmen had a united assembly a week ago with the Reading Housing Authority to agree on the top way to deal out the money, subsequent to getting the positive answer from Annual Town Meeting to deal out funds from the town’s Affordable Housing Trust.

Actually, the firm after the redevelopment plans for 30 Haven Street – Oaktree Development, the site of the ex- Atlantic Food Mart, has officially appealed a $400,000 donation to obtain the project moving forward, they pointed out that the money is in fact required to move the project ahead.

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It’s interesting to know that Annual Town Meeting lately agreed Article 24, which creates an Affordable Housing Trust Allocation Plan.

AHTF (An Affordable Housing Trust Fund) was created through a Home Rule Petition and a document of the legislature approving Chapter 140 of the Acts of 2001. By the way, no funds have yet used out of the AHTF. Note that the AHTF is a special fund to make or save reasonably priced housing.

In reality funds deposited to the AHTF received from the fee got by the Town for things ranging from sections that were improperly built, to inexpensive housing units that could not be saved and were exchanged and traded as market units with the dissimilarity in price reverting to the Town.

Note that Oaktree Development has asked for a $400,000 grant from the AHTF to promote and make 11 reasonable housing units with regard to the redevelopment of 30 Haven Street (it was Atlantic Supermarket there). The up to date AHTF’s balance is $458,017.68.

But nobody wants to offer Oaktree a grant neither the Selectmen nor members of the Housing Authority.

Instead it was offered a plan that engaged two interest-free loans of $160,000, which would just be used on one occasion the creator demonstrates the funds are required to complete the project.

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