City of Somerville, Massachusetts - File #: 23-0317

• File #: 23-0317
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 3/5/2023
• In control: City Council
• On agenda: 3/9/2023
• Final action: 3/15/2023
• Enactment date: 3/9/2023
• Enactment #: 215025
• Title: Requesting approval of an inter-fund transfer of $3,500,000 from the COVID-19 Stabilization Fund to the Affordable Housing Trust Fund to provide affordable housing opportunities for low-income residents.
• Indexes: Finance-Assessing, Finance-Auditing, Finance-Budget, Finance-Grants Development, Finance-Procurement & Contracting Services, Finance-Treasury, SPCD-Housing
• Code sections: Stabilization Fund - , Transfer of Funds -

Date	Ver.	Action By	Action	Result
3/15/2023	1	City Council	Mayoral Approval
3/9/2023	1	City Council	Approved	Pass

Agenda Summary

title

Requesting approval of an inter-fund transfer of $3,500,000 from the COVID-19 Stabilization Fund to the Affordable Housing Trust Fund to provide affordable housing opportunities for low-income residents.

body

Official Text

To the Honorable City Council:

The Mayor respectfully requests that this Council approve an inter-fund transfer of $3,500,000 from the COVID-19 Stabilization Fund (Fund 7138)  to the Affordable Housing Trust Fund for the purpose of funding rehabilitation of several housing units designated as affordable housing opportunities for low-income residents.

Appropriate staff will be available to answer any questions you may have. Thank you for your consideration of this matter.

Respectfully Submitted,

Katjana Ballantyne, Mayor