Lowell trust to circulate funding application and pursue RFP/NOFA for remaining funds

The Lowell Affordable Housing Trust Fund voted Dec. 17 to circulate a draft Affordable Housing Trust funding application to board members and asked staff to return with a proposed request-for-proposals (RFP) or notice of funding availability (NOFA) and options for allocating the Trust's remaining funds.

George Colores, the Trust administrator, presented a draft funding application and offered to circulate it electronically for comment. The chair's motion to circulate the application and collect comments by the end of the week carried.

Board members and staff discussed using the roughly $2.8 million left in the Trust for a mix of grants and loans, the possibility of creating a loan pool administered by a bank, and the advantages of pre-qualifying applications so only eligible proposals reach the board. Administration suggested multiple allocation "buckets" and a 30-day application window after advertising; staff offered to draft an RFP/NOFA and a plan to return in January with recommended language and allocation options.

Board members emphasized flexibility to avoid leaving funds idle in narrowly defined buckets and noted the higher costs of construction and compliance requirements for affordability restrictions. One board member recommended staff pre-qualify applications to ensure proposals meet eligibility requirements before appearing to the board.

The Trust set its next meeting for Jan. 21, 2026, and directed the administrator to circulate the application for comment immediately. The board asked staff to prepare an RFP/NOFA draft for review at an upcoming meeting.