November 26, 2024 |Affordable Housing Trust Fund (AHTF), City of Lynn, Housing, News

Affordable Housing Trust Makes Final Allocations

Share

• F
• T
• L

Two years after the City created the Affordable Housing Trust Fund (AHTF) and designated an initial $3 million in American Rescue Plan Act (ARPA) funding, the trust issued its final allocations when six organizations were awarded a total of $1.275 million.

The approved projects were:

• Lynn Housing Authority & Neighborhood Development | Lynn Armory Project – $500,000
• Harborlight Homes | 20 School St. – $250,000
• Haven Project | 188 Washington St. – $300,000
• Commonwealth Land Trust | 21 Oxford St. – $150,000
• 2-Life Communities | 19 Porter St. – $75,000

The trust fund had previously awarded more than $2 million to increase affordable housing opportunities in Lynn.

“This is the type of meaningful investment we envisioned when we started the Affordable Housing Trust Fund,” said Mayor Jared C. Nicholson. “The projects that have been funded will add and maintain affordable units as we strive to help residents stay in their homes.”

The City Council approved an ordinance in June of 2022 establishing the Affordable Housing Trust Fund. Along with an inclusionary zoning policy, the AHTF was designed to provide the City with tools to address the critical issue of housing affordability.

“We have been able to make meaningful investments to help provide access to housing that is safe and affordable,” said Nicholson.

One of the recommendations that came out of the City’s Housing Production Plan was to establish an affordable housing trust fund.

Nicholson serves as chair of the Affordable Housing Trust Fund board, which also includes, Principal Planning Director Aaron Clausen, Cinda Danh, Jonathon Feinberg, Jamie McGrath, and Sarai Zelada. Also working with the board were Danya Smith of the mayor’s office and Housing Program Manager Carolina Trujillo.

The above press release was submitted to us by Mayor Nicholson’s office.