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The Lynn City approved an ordinance in 2022 creating the Affordable Housing Trust Fund (Trust) to provide for the creation and preservation of affordable housing in Lynn. Creation of the Trust is one of the priority recommendations of Housing Lynn: An Inclusive Plan for Growth, and is a powerful tool for the City to create and preserve affordable housing consistent with the goals of the Housing Lynn Plan.
The purpose of the trust is to support the creation and preservation of affordable housing within the City of Lynn for the benefit of low-to-moderate-income households, and for the funding of community housing, as defined in state law (Massachusetts General Laws chapter 44B). The AHTF has been initially funded through American Rescue Plan Act (ARPA) funding of $3 million, and will be funded through in-lieu fees collected through the City of Lynn’s inclusionary zoning ordinance (Section 24 of the City of Lynn Zone Ordinance).
Funds held in the Trust can be used for a number of activities as determined by the Trust Board, including construction of new housing, purchase of land or structures, and provide funding for housing rehabilitation as long as the funds are used to create or preserve low to moderate income housing. The Affordable Housing Trust Document on this page provides a detail on all activities the Trust Board is able to carry out.
The Lynn City approved an ordinance in 2022 creating the Affordable Housing Trust Fund (Trust) to provide for the creation and preservation of affordable housing in Lynn. Creation of the Trust is one of the priority recommendations of Housing Lynn: An Inclusive Plan for Growth, and is a powerful tool for the City to create and preserve affordable housing consistent with the goals of the Housing Lynn Plan.
The purpose of the trust is to support the creation and preservation of affordable housing within the City of Lynn for the benefit of low-to-moderate-income households, and for the funding of community housing, as defined in state law (Massachusetts General Laws chapter 44B). The AHTF has been initially funded through American Rescue Plan Act (ARPA) funding of $3 million, and will be funded through in-lieu fees collected through the City of Lynn’s inclusionary zoning ordinance (Section 24 of the City of Lynn Zone Ordinance).
Funds held in the Trust can be used for a number of activities as determined by the Trust Board, including construction of new housing, purchase of land or structures, and provide funding for housing rehabilitation as long as the funds are used to create or preserve low to moderate income housing. The Affordable Housing Trust Document on this page provides a detail on all activities the Trust Board is able to carry out.
