Greenwich Affordable Housing Trust Fund Moves Closer To Approval

GREENWICH, CT — Greenwich's affordable housing trust fund moved one step closer to final approval last week, as the Board of Selectmen unanimously voted to grant what's called a "declaration of trust."

On Sept. 27, the Representative Town Meeting approved the ordinance for the trust, which aims to address the shortage of affordable housing in Greenwich.

Under the 8-30g state statute, Greenwich has not yet achieved the 10 percent affordable housing mandate from the state. Chair of the Planning & Zoning Commission Margarita Alban has said the trust fund would help reach that 10 percent mark.

With the RTM's approval in September came a provision that within 90 days, P&Z had to submit to the RTM a declaration of trust.

Alban explained to the Board of Selectmen last week that the declaration essentially outlines how the ordinance would function and how the trust is going to be implemented.

Alban said the matter will now go back to the RTM in January for a first read. Once a final approval is granted, Alban said the trust can begin to take in money.

The fund will come at no cost to the town. A seven-member board will oversee the fund and allocate money to private developers to develop or purchase additional affordable units, renovate existing units, and potentially enhance the affordability of existing units.

The trust must include the P&Z Director or a designee; P&Z Chair or designee; two members of the public with a background and expertise in finance, one of whom has a background in affordable housing; a member of the public with legal expertise; and two additional at-large town residents.

The Selectmen's Nominations Advisory Committee is going through the candidate process. Alban said last week that P&Z Commission member Bob Barolak has been nominated for the trust.

"He has enormous experience in affordable housing," Alban said.

Alban noted that P&Z requested that the trust be considered for American Rescue Plan Act money because funds have been earmarked for affordable housing.

But Alban she has received some pushback from the community, who thought the fund would only receive private contributions.

"What we said to everyone is we would not be diverting municipal funds to the trust, however we would be applying for grants and available funds to support affordable housing. This is still consistent with what we originally stated. There's no intent to divert municipal funds."

The idea for such a fund was first proposed to the RTM in 1988, but it was tabled. A year later, the 8-30g affordable housing statute was approved, and since then, Greenwich has not met the 10 percent affordable housing goal.

First Selectman Fred Camillo said last week he was happy to see the fund finally come to fruition.