At the Nov. 12 meeting the City of Revere Affordable Housing Trust Fund Board discussed measures intended to help preserve affordability when restricted condominium units are resold.

Chair Joe Gravalese said two affordable units at 291 Revere Street (control transferred from the Malden Redevelopment Authority) and units at 133 Salem will be advertised to prospective buyers. He proposed waiving the standard 1.5% administrative fee for sellers who work with the trust to list and verify buyer eligibility, and he proposed a small closing-cost assistance pool—initially $4,000—to help with mandatory filing and administrative fees associated with resale transactions.

Members questioned whether $4,000 would be sufficient given typical closing expenses. One board member suggested a per-transaction cap of $1,000 within a $4,000 pool; others argued $4,000 could be exhausted by a single transaction and proposed raising the pilot to $8,000–$10,000 if the budget allows. Gravalese recommended treating the fund as a pilot and not committing to annual replenishment until the board sees how often resales occur.

Rather than decide immediately, Gravalese moved to table the closing-costs policy and directed staff to research mandated fees and comparable programs in nearby municipalities (Malden, Chelsea, Everett) and return with suggested figures. The motion to table was seconded and the board had no objections.

The board also confirmed the trust will use a consolidated interest list to notify Revere residents when restricted units become available and will handle income verification and outreach to reduce transaction burden for sellers.

Next steps: staff will collect comparable closing-cost figures from neighboring cities and return with recommendations on pool size and per-transaction limits.