Town Receives $320,000 for Housing Trust

Foxborough is almost ready to spend $320,000 received from the developer of Chestnut Green.

Town Planner Sharon Wason told the selectmen on Tuesday that the town received the money from the developer in lieu of the construction of eight affordable housing units.

To help decide the best way to use the money, an affordable housing trust is being created by Wason. The trust will have until July 2016 to spend the money or the trust will dissolve.

Town Manager Bill Keegan will be tasked with appointing seven members to the trust, which will include a selectman, planning board member, housing authority member, and four additional residents. Wason will be a ex-officio member, giving her no voting power.

Selectman Jim DeVellis said he is generally supportive of the trust but pointed out that new developments will likely get Foxborough to the 10 percent threshold for affordable housing.

When asked about use, Wason said that it would be for local residents. According to Wason, other housing trusts in the state have used their money to assist with moderate housing rehab for low income residents and lower income town employees.

“I don’t know what the best use of the money is, I’m hoping the housing trust will,” Wason said.

The recommendation of a housing plan, the trust was created at the 2013 Annual Town Meeting and will have the ability to accept real property by gift including money.

The selectmen are expected to discuss the issue further at a later date.