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The Affordable Housing Trust approved a $2 million payment tied to the 33 Converse development, due 90 days after the building receives its certificate of occupancy. The current agreement provides no affordable units in the building, and the Housing Partnership Board is considering an appeal.
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The development is currently expected to provide money to the Affordable Housing Trust instead of affordable apartments on site. The payment would not be due until 90 days after the building is approved for occupancy, which the committee said reduces the Town's leverage. The Housing Partnership Board prefers a combination of apartments and payment, but Town Counsel advised that this hybrid approach is not allowed under current zoning.
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