The Community Preservation Committee has recommended funding for the Municipal Affordable Housing Trust Fund (MAHTF) for the preservation and development of affordable housing. If approved at Town Meeting, an additional $150,000 will be added to the resources of the MAHTF and used to support current and future affordable housing activities. During the past year, two major initiatives have been undertaken that could significantly accelerate Harvard’s progress toward achieving the 10-percent affordable housing goal established by the state.
First, MAHTF has established a program to encourage developers of 40B projects to increase the percentage of affordable units above the required 25 percent. The MAHTF does not endorse any 40B projects, but is prepared to negotiate up to $25,000 for each planned market-rate unit that is deed-restricted as a permanent affordable housing unit. Since the developer would have to sell a planned market-rate unit at an affordable price, the trust’s “buy-down” program represents no financial gain to the developer.
The second major effort involves the development of as many as 100 units of rental housing on Ayer Road, of which 75 percent would rent at market rates and 25 percent at affordable rates. Because it is a rental project, all 100 units would count toward the 100-percent affordable housing goal, effectively blocking unwanted 40B developments for at least six years. This project is in its early stages, but a market study commissioned by the MAHTF has indicated more than sufficient demand for such a development. Much work remains to be done on this, including public hearings to fully explore every aspect of the project.
Additionally, the MAHTF has engaged with the Harvard Housing Authority regarding their proposal to shift focus for affordable senior housing to the town-owned land surrounding the Hildreth House. Potential synergies regarding both development and ongoing management of this project and the aforementioned Ayer Road project are being explored.
Although the MAHTF is an independent municipal body, its policies require extensive public input as part of the decision-making process. Its meetings are open to the public; posted hearings to gather input on each specific project will be held before funds are committed. MAHTF was created by Town Meeting to be proactive and responsive to affordable housing opportunities whenever they may arise. The support of the community for CPC funding at this year’s Town Meeting is vital to our work.
Victor Normand, MAHTF chairman
Stow Road
