Affordable Housing Trust
Approved by 2011 Annual Town Meeting, the Weston Affordable Housing Trust Fund is a separate legal entity, operated by a Board of Trustees who are appointed by the Selectmen, to work with the Selectmen and other town committees to seize market opportunities and take other initiatives to preserve and increase moderate and low-income housing consistent with the town’s interests and in keeping with the Policies and Preferences for Affordable Housing (PDF) as developed by the Housing Partnership.
Responsibilities of the Trustees
The Trustees are required to advise the Selectmen before making any significant financial commitment, but will be able to acquire property by gift or purchase, borrow funds if necessary, and renovate and lease or sell property for affordable housing without need for a Town Meeting vote for each particular project.
Following the approval of the Housing Production Plan in 2016, the Board of Selectmen voted to dissolve the Housing Partnership and combine its charge with the charge of the Trustees to include:
- The responsibilities defined in the Town’s By-law and the Declaration of Trust
- Develop strategic plan (short- and long-term) for creation of more affordable housing
- Develop priorities for Community Preservation Act - Community Housing funds
- Implement the Town’s approved Housing Production Plan
- Encourage community support for affordable housing through education and outreach, and develop and maintain relationships with regional housing groups
- Perform housing-related review of Chapter 40B proposals (both potentially “friendly” (Local Initiative Program) and “non-friendly”):
- Update guidelines/procedures for Chapter 40B review; and
- Hold meetings/hearings and make recommendations to the Board of Selectman for all Chapter 40B proposals in Weston
- Perform oversight and long-term planning for Warren Avenue Apartments:
- Complete renovations and leasing of 66-68 Warren Avenue
- Develop management contract and long-term capital budget
Use of Funds
Any use of Community Preservation Act funds or other Town funds to support the activities of the Affordable Housing Trust will require the approval of a Town Meeting.