AHTF 2007-2011 FISCAL REPORTS Salem Affordable Housing Trust Fund
Annual Report
for
Fiscal Year 2007
Presented to Salem City Council
November 2007
FINANCIAL REPORTING REQUIREMENTS
According to Article Seventeenth of the Declaration of Trust, the Trust shall
submit a report for each fiscal year to City Council. This report should entail a
summary of affordable housing programs or properties the Trust assisted along
with a description of funds received and expended during the year. The
following narrative
ACTIVITY
The Salem Affordable Housing Trust Fund Board of Trustees held their first
meeting on March 29, 2007. The Trustees met again on May 14 and June 11,
2007. By the close of Fiscal Year 2007, the Trustees were establishing the Trust
Fund's rules and regulations and thus, the Trust not in a position to assist any
affordable housing programs or properties in FY07.
DESCRIPTION AND SOURCE OF FUNDS RECEIVED:
In March 2003, the City of Salem negotiated with John M. Corcoran & Company,
the developer of multi-family residential units on Highland Avenue and First
Street, for a $50,000.00 contribution to be allocated for use by the Affordable
Housing Trust Fund. Upon completion of the project in 2005, the developer paid
$50,000.00 to the City. The sum was held by the City in a separate account
pending establishment of the Trust. The City Council passed an ordinance
creating the Affordable Housing Trust Fund at the end of October 2006.
The Trust has not received any other funds, however the City continues to
negotiate with developers on a case-by-case basis for contributions to the Trust.
FUNDS EXPENDED
No funds were expended during Fiscal Year 2007.
Salem Affordable Housing Trust Fund
Annual Report
for
Fiscal Year 2008
Submitted to Salem City Council
November 20, 2008
FINANCIAL REPORTING REQUIREMENTS
According to Article Seventeenth of Salem's Affordable Housing Trust Fund's Declaration of
Trust, the Trust shall submit a report for each fiscal year to City Council. The report should
entail a summary of affordable housing programs or properties the Trust assisted along with a
description of funds received and expended during the year.
BOARD MEMBERS
The follow individuals served as Trustees of the Affordable Housing Trust Fund Board during
the period of July 1, 2007 to June 30, 2008.
Mayor Driscoll Kathleen Burke
Lynn Goonin Duncan as the Mayor's Designee Chad Colarusso
Councillor Jean Pelletier Lucy Corchado
Councillor Matthew Veno, Treasurer Mary Dennesen
Jennifer Raitt, Chair Mary Lauby
Michael Northcutt, Vice-Chair Leonette Strout
ACTIVITY
The Salem Affordable Housing Trust Fund Board of Trustees met in July, September, October,
and November of 2007 and February, March, and May of 2008. During FY08, one affordable
housing project funding request was brought before the board and approved. The Board
considered two zoning regulations -an accessory dwelling ordinance and inclusionary zoning,but
decided not to move forward with these initiatives at this time. In addition, the Board discussed
hiring a consultant to assist with the development of a business plan. Also, the Board reviewed
and submitted comment on the Analysis of Impediments to Fair Housing report released by the
North Shore HOME Consortium as well as submitted a letter to City Council in support of
putting the Community Preservation Act on the November ballot.
DESCRIPTION AND SOURCE OF FUNDS RECEIVED
The Affordable Housing Trust Fund did not receive any funds during Fiscal Year 2008.
However, the City continues to negotiate with developers on a case-by-case basis for
contributions to the Trust.
FUNDS EXPENDED
The Trust's total unexpended funds at the start of Fiscal Year 2008 was fifty thousand and
00/100 ($50,000).
On October 9, 2007, the Trust committed twenty-five thousand and 00/100 dollars ($25,000)
without interest to Salem Lafayette Development LLC to be used for pre-development costs to
redevelop the former St. Joseph's Church site at 135 Lafayette Street in Salem into affordable
and market rate housing. The appropriated funds were to cover taxes, insurance, interest on the
current loan, and other carrying costs for the project while the Planning Office for Urban Affairs
works to secure additional funding for construction. The Federal Home Loan Bank and the
North Shore HOME Consortium had already committed funds to this project.
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The loan will become immediately due and payable to the Trust if the project does not move
forward, the property is sold or transferred, or the project's affordability changes.
The Salem Lafayette Development LLC did not drawn down any of the committed funds during
FY08. All $25,000 remained unexpended.
The remaining twenty-five thousand and 00/100 ($25,000) of the Trust's funds were
uncommitted.
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Salem Affordable Housing Trust Fund
Annual Report
for
Fiscal Year 2009
Submitted to Salem City Council
December 3, 2009
FINANCIAL REPORTING REQUIREMENTS
According to Article Seventeenth of Salem's Affordable Housing Trust Fund's Declaration of
Trust, the Trust shall submit a report for each fiscal year to City Council. The report should
entail a summary of affordable housing programs or properties the Trust assisted along with a
description of funds received and expended during the year.
BOARD MEMBERS
The follow individuals served as Trustees of the Affordable Housing Trust Fund Board during
the period of July 1, 2008 to June 30, 2009.
Mayor Driscoll
Lynn Goonin Duncan(Mayor's Designee) Kathleen Burke
Councillor Jean Pelletier Chad Colarusso
Councillor Matthew Veno Lucy Corchado
Jennifer Raitt, Chair Mary Dennesen
Aaron Allen, Vice-Chair Andrew Meegan
Mary Lauby, Treasurer Leonette Strout
ACTIVITY
During FY09, the Salem Affordable Housing Trust Fund Board of Trustees met in November of
2008 and January and May of 2009. No affordable housing project funding requests were
brought before the Board.
Given the Trust's limited funds, the Board decided to focus its FY09 efforts on education and
advocacy. In March, the Board applied for a grant from the Citizens' Housing and Planning
Association's Affordable Housing Outreach Initiative to create a local housing awareness
campaign. Salem was one of only seven communities in the state that was awarded a grant under
this initiative. The $2,000 grant will be used to develop marketing materials to increase the
understanding of and support for affordable housing.
In addition, the Board organized and sponsored the 2009 Salem Affordable Housing Summit that
was held on April 7, 2009. Panelists included Mayor Driscoll along with representatives from
Citizens' Housing and Planning Association, Metropolitan Area Planning Council, and the North
Shore Association of REALTORS@. More than 25 people attended the Summit. This forum
served as a vehicle for community dialogue between non-profit housing developers, lenders, real
estate agents, social service workers, and Salem residents on the challenges and opportunities in
the current housing market.
The Board also sought to establish relationships with local non-profit housing developers. The
Board met with the Executive Director of Healing Abuse Working for Change (HAWC) and
discussed the organization's current projects and how the Trust could help further HAWC's
mission.
DESCRIPTION AND SOURCE OF FUNDS RECEIVED
The Affordable Housing Trust Fund did not receive any funds during Fiscal Year 2009.
However, the City continues to negotiate with developers on a case-by-case basis for
contributions to the Trust.
FUNDS EXPENDED
The Trust's total unexpended funds at the start of Fiscal Year 2009 was fifty thousand and
00/100 dollars ($50,000).
In October 2007, the Trust committed twenty-five thousand and 00/100 dollars ($25,000) in the
form of a zero percent, deferred-payment loan to Salem Lafayette Development LLC. The funds
were to be used for pre-development costs to redevelop the fonner St. Joseph's Church site at
135 Lafayette Street into affordable and market rate housing. The mortgage for this loan was
recorded at the Registry of Deeds for a fee of three hundred and 00/100 dollars ($350.00). Salem
Lafayette Development LLC requested the drawn down of these funds on June 4, 2009 and a
check in the amount of$25,000 was issued on June 25, 2009.
At the end of Fiscal Year 2009, the remaining twenty-four thousand six hundred fifty and 00/100
dollars ($24,650) of the Trust's funds remained uncommitted.
Salem Affordable Housing Trust Fund
Annual Report
for
Fiscal Year 2010
Submitted to Salem City Council
December 2, 2010
FINANCIAL REPORTING REQUIREMENTS
According to Article Seventeenth of Salem's Affordable Housing Trust Fund's Declaration of
Trust, the Trust shall submit a report for each fiscal year to City Council. The report should
entail a summary of affordable housing programs or properties that the Trust assisted along with
a description of funds received and expended during the year.
BOARD MEMBERS
The follow individuals served as Trustees of the Affordable Housing Trust Fund Board during
the period of July 1, 2009 to June 30, 2010.
Mayor Driscoll
Lynn Goonin Duncan (Mayor's Designee) Kathleen Burke
Councillor Jean Pelletier Chad Colarusso
Councillor Matthew Veno (until January 2010) Lucy Corchado
Jennifer Raitt, Chair (until January 2010) Mary Dennesen
Aaron Allen, Vice-Chair Andrew Meegan
Mary Lauby, Treasurer Leonette Strout
ACTIVITY
As in the previous year, the Board sought to establish relationships with local non-profit housing
developers. To that end, in September, Board members met with the executive directors of
Citizens for Adequate Housing, Harborlight Community Partners, and Salem Harbor Community
Development Corporation. The members talked with the directors about the goals and current
projects of their organizations along with the challenges around tackling foreclosures in the City.
In November, the Board hosted a focus group meeting with local providers of housing services
as part of the City's Five-Year Consolidated Plan's community input process. The group
discussed housing needs in the community, opportunities, and challenges in delivering housing
services.
h1 December, a funding request was brought before the Board by Candace Waldron, Executive
Director of Healing Abuse Working for Change (HAWC). The request was for funds for ADA,
fire, and safety upgrades to HAWC's new emergency shelter for abused families. The Board
voted unanimously in favor of funding HAWC's request. No other organization submitted a
funding request in Fiscal Year 2010.
The Board did not hold any meetings between January and July of 2010, as all of the Trust's
funds were committed.
DESCRIPTION AND SOURCE OF FUNDS RECEIVED
The Affordable Housing Trust Fund did not receive any funds during Fiscal Year 2010.
However, the City continues to negotiate with developers on a case-by-case basis for affordable
housing.
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FUNDS EXPENDED
The Trust's total funds at the start of Fiscal Year 2010 were twenty-four thousand six hundred
fifty and 00/100 dollars ($24,650.00).
In December 2009, the Trust committed twenty-four thousand one hundred seventy-five and
00/100 dollars ($24,175.00) in the form of a zero-percent, ten-year loan to HAWC. None of
these funds were drawn down during the 2010 fiscal year. HAWC will make payments to the
Trust in the amount of$201.46 per month beginning in January 2011.
At the end of Fiscal Year 2010, the Trust's unexpended funds totaled twenty-four thousand six
hundred fifty and 00/100 dollars ($24,650.00) and uncommitted funds totaled four hundred
seventy-five and 00/100 dollars ($475.00).
[Note: All committed funds were expended as of September 2010.]
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CITY OF SALEM, MASSACHUSETTS
AFFORDABLE HOUSING TRUST FUND
Annual Report
Fiscal Year 2011 n�4..J
Submitted to Salem City Council
July 14, 2011
FINANCIAL REPORTING REQUIREMENTS
According to Article Seventeenth of Salem's Affordable Housing Trust Fund's Declaration of
Trust, the Trust shall submit a report for each fiscal year to City Council. The report should
entail a summary of affordable housing programs or properties the Trust assisted along with a
description of funds received and expended during the year.
BOARD MEMBERS
The follow individuals served as Trustees of the Affordable Housing Trust Fund Board during
the period of July 1, 2010 to June 30, 2011:
Mayor Kimberley Driscoll Lucy Corchado
Lynn Goonin Duncan(Mayor's Designee) Mary Dennesen
Councillor Jean Pelletier Mary Lauby, Treasurer
Aaron Allen, Vice-Chair Andrew Meegan
Kathleen Burke Leonette Strout
Note: The Chair's service ended in December, 2009 and this position has not been
replaced yet. In total, three vacant positions remain on the Board.
ACTIVITY
Due to a lack of Trust funds, the Board did not meet during Fiscal Year 2011.
DESCRIPTION AND SOURCE OF FUNDS RECEIVED
The Affordable Housing Trust Fund received $1,208.76 ($201.46 per month beginning January
31, 2011) in loan payments from Healing Abuse Working for Change Inc. (HAWC). The loan to
HAWC in the amount of$24,175.00 will be repaid over 120 months.
FUNDS EXPENDED
The Trust's total funds at the start of Fiscal Year 2011 were twenty-four thousand six hundred
fifty and 00/100 dollars ($24,650.00).
Twenty-four thousand one hundred seventy-five and 00/dollars ($24,175.00) were expended in
September, 2010. Twenty-four thousand of these funds paid for construction expenses
associated with building HAWC's new emergency shelter. One hundred seventy-five dollars
paid for the recording of the loan to HAWC at the Registry of Deeds.
At the end of Fiscal Year 2011, the Trust's unexpended and uncommitted funds totaled one
thousand six hundred eighty-three and 76/100 dollars ($1,683.76).
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