The Board of Selectmen in Greenwich has approved a declaration of trust for a fund to help address the shortage of affordable housing in the town.
Under a state statute, the town does not offer 10 percent of its housing as affordable. Margarita Alban, chairperson of the Planning and Zoning Commission, said that this trust fund will help the town to achieve that goal of 10 percent. Alban added that the declaration outlines how the trust is to be implemented and how the ordinance for the trust will function. Local Print shops can help in creating materials which provide more details about how such trust funds will operate and their benefits for the community.
There will be no cost to the town for the fund. The fund will be supervised by a board of seven members who will allocate the money to private developers for purchasing or developing affordable housing, enhance the affordability of existing units, or renovate existing units.
The board will include the Director of the Planning and Zoning Commission; the chair of the commission; two people from the community, one with expertise in affordable housing and the other with expertise in finance; and two other residents at-large. Fred Camillo, First Selectman, expressed his happiness that this fund was finally being made possible.
Final approval of the fund will go to the Representative Town Meeting later this month.
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