Affordable housing trust fund goes to RTM
GREENWICH — Three decades after the town first proposed creating a trust fund to boost affordable housing, the idea is now just one approval away from reality.
The Board of Selectmen on Thursday unanimously approved the final language in the proposal that was put in place last month by the Planning and Zoning Commission.
“This is another example of Greenwich leading the way on (housing),” First Se
lectman Fred Camillo said.
The final step will be gaining approval from the Representative Town Meeting.
Under the proposal, an 11-member board would oversee the trust fund’s privately raised money and allocate portions of the funds to private developers to build new units or renovate existing units of affordable housing in Greenwich.
Margarita Alban, chair of the Planning and Zoning Commission, is expected to present the proposal to the RTM for consideration at its June 14 meeting. The RTM could approve it at the meeting. But with the RTM’s policy of holding a second-read for major policies, it is more likely to come up for a vote in September after the RTM’s summer break.
A previous attempt to create a housing trust fund in 1988 did not gain RTM support at the time.
However, the 2019 Plan of Conservation and Development called for more affordable housing in town. And the DesegregateCT movement, which calls for more diverse housing throughout the state, has also put a spotlight on the issue.
Town officials, including Camillo and Alban, spoke out against housing bills before the state legislature this year that they said would not increase affordable housing and would instead put Greenwich under state mandates. They have advocated for a local approach on the issue and said the trust fund is part of that effort.
Alban went before the Board of Selectmen to go over language changes made since the board looked at the proposal in March.
Changes were made to prevent possible conflicts of interest among board members overseeing the trust fund, which would be headed by town Comptroller Peter Mynarski.
Alban said she and Assistant Town Attorney Aamina Ahmad “found a teeny little loophole in it” and they “worked to tighten it up.”
“What we want to make sure is that nobody who is involved in an affordable housing project gets any kind of involvement in voting on a project,” she said.
Other changes were made to make the process of nominating board members consistent with the town charter and with the process put in place by the RTM’s Appointments Committee. Alban said those changes were “not anything of substance.”
Per the suggestion of Selectperson Jill Oberlander, the language was adjusted regarding the investment of the funds in the trust to be consistent with state statutes, Alban said.
“We also made sure the trust has liquidity and would not be in any longterm investments that couldn’t be broken up quickly should the money be needed,” Alban said.
Trust fund expenditures of $500,000 or more would have to go to the RTM for approval. That could be the subject of additional discussion by the RTM.
If approved, the trust fund could be a boon for Greenwich Communities, formerly known as the Housing Authority of the town of Greenwich. That department oversees complexes of affordable housing and senior housing that include nearly 1,250 units in town.
Sam Romeo, chair of Greenwich Communities’ Board of Commissioners, endorsed the creation of the trust fund in March.
Selectwoman Lauren Rabin said she had already heard from people in town who want to contribute to the trust fund.
Alban said she hoped that many people would give small amounts, which would add up. She compared it to the kind of support that helped to fuel the presidential campaigns of U.S. Sen. Bernie Sanders.
“Any dollars will do,” Alban said. “We have a webpage for the Affordable Housing Task Force, and there’s going to be a link for contributions. If you want to give $10 you can. … I think we should get dollars of every size.”
Citing IRS regulations, she said any donation to the trust fund would be tax deductible up to 50 percent of the donor’s annual income.
All affordable housing projects would still need the approval of the Planning and Zoning Commission.