LYNN — Only a few months after the city established its Affordable Housing Trust Fund this summer, four members of its newly-selected six-person board met with officials from the mayor’s office Tuesday night at the first Affordable Housing Trust Fund Board meeting to discuss the fund’s goals for establishing and protecting affordable housing in Lynn.
The Affordable Housing Trust Fund was passed in June by an ordinance from Mayor Jared Nicholson, with the intention of creating and preserving affordable housing in the city for low-income residents (those making 80 percent less than the area median income) and moderate income residents, who make less than the area median income.
Nicholson, who will serve as the chair of the board, was absent from the inaugural meeting due to paternity leave. In his place, Policy Director for the Mayor’s Office Danya Smith and Outreach Director Jean Michael Fana presented the fund’s current standing and goals.
Smith, presenting the trust fund’s current sources of funding, said that the fund is set to receive $3 million in American Rescue Plan Act (ARPA) funding, along with another $3 million in funding from the 811 Lynnway developers, who agreed to pay the sum for up to five years in lieu of on-site affordable housing. Smith said that in order to receive the ARPA funds, the trust board must commit them to a particular project by Dec. 2024.
“For ARPA funding, that basically means that the funds need to be committed to something by December 31, 2024, and it needs to be spent by December 31, 2026,” Smith said. “Just because these funds are dedicated to the city for this trust fund, that means that they still have to be committed to something, so that remains a priority.”
Smith also said that the city’s general goal for affordable housing, as outlined in the Housing Production Plan, was that 15 percent of all new housing developments in the next five years be deed-restricted for low-income or moderate-income residents.
“It just reinforces the idea of backing and creating housing that is more aimable for our residents,” Smith said.
The trust board pushed electing a Vice Chair until their next meeting, which is likely to take place next month, however, Principal Planner and board member Aaron Clausen and Organizing Director of the New Lynn Coalition Jonathon Feinberg were both nominated as potential candidates.
Clausen said that the fund should consider committing use of their ARPA funds, and possibly pursuing land acquisition in the future.
“When I was talking about putting money out for projects fairly quickly, I’m thinking more because of the limitation we have in terms of time for ARPA,” Clausen said. “Maybe land acquisition, once you acquire the land, that counts as expanding. I think there’s probably some opportunity here that could be realistic.”
