Scituate Affordable Housing Trust
The funding approved transfers the sum of $700,000 to the newly adopted Scituate Affordable Housing Trust.
The Town of Scituate adopted the provision of GL c.44, Section 55C allowing for establishment of the Scituate Affordable Housing Trust. The Trust’s
only authorized purpose is the acquisition and development of affordable housing opportunities in the Town of Scituate.
Town Meeting approved an initial transfer of $700,000 at the 2008 Annual Town Meeting. The 2009 Town Meeting approved an additional $700,000 to create
a fund with seed capital to accomplish its goals. Of the funds transferred in 2008, all $700,000 was reserved and required to be expended by the CPC
for affordable housing by statute. Of the $700,000 transferred in 2009, approximately $368,570 (including $120,000 being the 10%
appropriated as required from current CPC estimated revenue) is currently required to be expended for affordable housing and the balance of $331,430
is from the CPC’s unrestricted funds.
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