Newton City Council Approves First-Ever Affordable Housing Trust

Newton MA

10 December, 2021

3:10 PM

Description

NEWTON, MA — The Newton City Council approved Monday the creation of the city's first-ever Municipal Affordable Housing Trust, set to launch in 2022. The decision comes after months of discussion involving the Zoning and Planning Committee, the Community Preservation Committee, the Newton Housing Partnership, and Mayor Ruthanne Fuller. According to the Mayor's office, funding for the trust is will primarily come from Newton's Community Preservation Act. The Community Preservation Committee has targeted 35 percent of its annual funding for community affordable housing projects and will transfer these funds into the trust on an annual basis. This translates to a $1.6 million starting amount in 2022. The city's Affordable Housing Trust will appoint seven members to its Board of Trustees, which will include the Mayor, a City Councilor, a Community Preservation Committee representative, and four residents with expertise in affordable housing development. A Planning Department staff member will also assist in administering the trust. Newton joins over 120 communities in Massachusetts who are using Municipal Affordable Housing Trusts since their approval in 2005.