Trust reviews finances, confirms rental-assistance deposit and misses ARPA award

At its Dec. 13 meeting the Westborough Affordable Housing Trust reviewed financial statements and program updates, confirming program funding and reporting a denied ARPA application.

Speaker 1 said the trust deposited $120,000 with MetroWest Collaborative to support the wrap rental-assistance program and that legal agreements authorizing the program are signed. "We have paid them, or deposited, a 120,000, with them that they can tap, as need be," Speaker 1 said. MetroWest is building an application process that will be available online and on paper, and trust members discussed creating marketing materials and application flyers for distribution at local outlets.

The trust sought up to $500,000 in remaining ARPA funds but was unsuccessful. Speaker 3 summarized the town's decision: any uncontracted ARPA funds were designated to the town's lead service line replacement program. "If any of the projects can't get a contract signed by December 31, those funds automatically go to lead line," Speaker 3 said.

On finances, Speaker 1 walked trustees through the statement of activities for fiscal 2024, reporting net assets slightly above $2.2 million and noting approximately $1.4 million in available cash after encumbrances for existing programs (including Lyman Street, wrap, and home-borrower allocations). The trust also heard that Del Webb's 2023 mitigation payment (about $200,000 plus interest) should transfer to the mitigation stabilization fund shortly, potentially increasing available funds for future allocation.

Trust members asked to add the Connector Road project to fiscal 2025 reporting and to follow up on outstanding payments (including a Pulte 2023 payment) to ensure cash-flow accuracy. The trust did not take new funding actions at the meeting but authorized staff to obtain outstanding documents and prepare contract or loan templates for program launches.