Agenda Text
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Mayor requesting approval to re-purpose the Green Line Extension (GLX) Stabilization Fund to create an "Early Action" Affordable Housing Program and transfer the balance of the GLX Stabilization Fund to the Affordable Housing Trust Fund.
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Official Text
To the Honorable City Council:
I respectfully request that your Honorable City Council vote to re-purpose the Green Line Extension Stabilization Fund for the purpose of funding an "Early Action" Affordable Housing Program designed to support the acquisition and development of new affordable housing in Somerville. I further request your approval to appropriate and transfer the current fund balance of the GLX Stabilization Fund totaling $8,288,903 to the Affordable Housing Trust Fund.
The Green Line Extension Stabilization Fund was authorized on June 22, 2017 for the purpose of accumulating monies to apply to the $50 million commitment made by the City of Somerville to MassDOT toward the Green Line Project Funding Gap. The recent news from DOT that the City will be absolved from this commitment presents an opportunity to re-channel the GLX Stabilization monies for the critical community need of affordable housing.
Through the years, Somerville's Affordable Housing Trust has been used to provide funds typically collected from linkage fees and fractional inclusionary payments, for new affordable housing. But, typically funds are committed by the Trust after properties have been purchased and development plans are underway.
The funds being committed today are different-they are intended to address an unmet need. These funds would enable our affordable housing partners to buy land or buildings quickly in the fast moving Somerville market then hold them while working to execute new affordable housing development on these sites.
This program will be a significant investment in reaching our SomerVision goal of securing a substantial stock of affordable housing in Somerville.
My staff will be a...
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