The Affordable Housing Trust Board of Trustees oversees Maynard’s Affordable Housing Trust, established in 2016 under M.G.L. Chapter 44.
By state law, the trust allows Maynard to collect funds for affordable housing, segregate them out of the general municipal budget into a trust fund, and use the funds for local initiatives to create and preserve affordable housing. Examples of what a local affordable housing trust can do include:
- Provide financial support for the construction of affordable homes by private developers (non-profit or for-profit);
- Rehabilitate existing homes to convert to affordable housing;
- Increase affordability in new housing development projects;
- Develop surplus municipal land or buildings;
- Preserve properties faced with expiring affordability restrictions;
- Create programs to assist low- and moderate-income homebuyers;
- Create programs to help low- and moderate-income families make health and
- safety repairs;
- Educate and advocate to further affordable housing initiatives.