What funds can be used in a local housing trust?

The sources vary among housing trusts. Under MGL c.44 s.55C sources of funding for trusts include: Community Preservation Act funds, inclusionary zoning payments, negotiated developer fees, the town’s general fund, grants, gifts, and private donations. However, any funding from the Town’s general fund would require a Town Meeting action. In addition the Town of Danvers receives approximately $36,000 a year through the Home Investment Partnership Program (HOME) which could also be managed by the Housing Trust. It is important to note that these HOME funds are reallocated if not committed within a one-year period.

Show All Answers

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?