The Amherst Municipal Affordable Housing Trust Board of Trustees had their groundbreaking meeting last night, hearing a brief presentation by Rita Farrell of the
Massachusetts
Housing
Partnership on all the possibilities relating to affordable housing that lay ahead for this new entity.
Town Meeting approved the formation of the Housing Trust last year (after rejecting the idea back in 2008) and the Select Board only recently appointed the seven members:
The first test for the Trust comes next month when Town Meeting votes the
Community
Preservation
Act
Committee recommendations of $846,633 in projects which includes $25,000 in "due diligence" money for the Trust. Originally they requested $50,000 but without a committee membership yet in place the CPAC was hesitant to fully fund the request.
There was some discussion last night as to whether the term "due diligence" is broad enough for the committee to invest in a wide variety of start up activities.
The Trust will be allowed to accept grants, private donations (of money or property) or payments from developers due to Inclusionary Zoning requirements, but the bulk of their funding is expected to be
Community
Preservation
Act funds.
Since Amherst voters recently approved doubling the surcharge up to the maximum 3% the CPA fund has a significantly expanded bottom line with a projected surplus of $1.3 million after Town Meeting approval of this year's ($846,633) projects.
The fledgling committee hopes the Trust becomes both well-funded and credible to allow for more nimble deal making with affordable housing developers. Currently the town is
just over the 10% threshold on the state
Subsidized
Housing
Inventory thus insulating us from a
Ch40B development.
Although the Trust could themselves take on the roll of developer, but with all the requirements imposed on a public agency (prevailing wage for one) it's highly unlikely.
Because of a strangling of supply over the past generation Amherst has become ever increasingly unaffordable. And not just to low-income residents, but middle-income families as well.
The two most recent taxpayer funded housing studies clearly indicate that additional housing is desperatily needed across the entire economic spectrum.
My vote for the Municipal Affordable Housing Trust logo
Perhaps by benefit of the halo non-profit entities get to wear the Affordable Housing Trust will have better luck overcoming the stigma attached to anyone who tries to do housing development in this town, where NIMBYs are nothing if not formidable.