Newburyport Affordable Housing Trust Fund

At the Monday March 9th City Council Meeting, an order to create a Newburyport Affordable Housing Trust Fund will come before the Council. Most likely this item will be referred to committee to work on the details. The order is included in the online Council agenda packet which is here.

As background,

In 2004, the State enacted a local option law283 (M.G.L. Chapter 44, Section 55C) that allows communities to set up municipal affordable housing trusts (MAHT) without state enabling legislation if they follow the model outlined in the law. Technical amendments were made in 2006. Communities can use these Trusts to hold funds, including CPA funds or inclusionary zoning in-lieu payments, for affordable housing activities until they are needed and set guidelines that make it possible to access the funds quickly when needed to take advantage of a housing opportunity. (Source: Chapa's Housing Guidebook http://www.chapa.org/files/f_1220966872HousingGuidebookJuly2008.pdf)

There is also an excellent overview of these Trusts at http://www.mhp.net/uploads/resources/071019_mhp_cpa_guidebook.pdf
if you go to page 39 of the document.

30 communities in Massachusetts have established these entities in the last few years. It will be an important and long overdue step for Newburyport.