Medford Affordable Housing Trust Fund Notice of Funding Availability Spring 2025

Medford Affordable Housing Trust Fund

Notice of Funding Availability

Spring 2025

Overview:

The purpose of the Notice of Funding Availability (NOFA) for 2025 is to detail the process by which Trust funds can be loaned to support qualified grant requests and any other proposals from organizations or individuals for the creation, preservation, rehabilitation and support of affordable housing. For Fiscal Year 2025, a total of $250,000 is available to fund eligible requests; additional funds may become available later in the year.

Eligibility and Evaluation:

Eligible Activities include: predevelopment activities, development activities, housing preservation and improvement activities, and any other activities that create or preserve affordable housing.

Requests will be evaluated with respect to criteria that are consistent with the City of Medford’s Comprehensive Plan, Housing Production Plan and Community Preservation Plan, as updated. The Medford Affordable Housing Trust Action Plan is anticipated to be completed in Summer of 2025.

The Trust funds do include Community Preservation Act funds, and proposals should detail compliance with Community Preservation Act fund requirements. 

All affordable units created, preserved or rehabilitated are subject to a recorded use restriction in perpetuity.

Application Process and Schedule:

This NOFA and application was distributed to the public on May 6, 2025.

Find the application here. 

Full applications must be submitted by 5pm on June 30, 2025. Electronic submissions are preferred. Please forward a complete application to Katherine Buckingham: kbuckingham@medford-ma.gov. To submit requested attachments, please upload them to the link provided in the application form. 

The address for any paper submissions:

Attn: Katherine Buckingham

Office of Planning, Development and Sustainability

City of Medford

85 George P Hassett Drive, Room 308

Medford, MA 02155

The Trust board will review submissions during the summer of 2025, and may request additional information or presentations to the board. Funding decisions will be issued in early Fall 2025, following a majority vote of the Board of Trustees for each application.

In the course of reviewing an application, the Trust, after consultation with the applicant, may vote to retain certain outside consultants to provide information and analysis to assist the Trust in its review. Applicants are advised that the Trust may seek reimbursement for such costs.

All successful applicants for Trust funds must execute a Loan Agreement and an affordable housing use restriction with the trust. The Loan Agreement will memorialize the terms and conditions of the Trust funding, including the procedure for the disbursement of Trust funds. The Trust may also require a separate monitoring services agreement. Trust funds may also be made available by loans that are secured by a mortgage and promissory note.

For Fiscal Year 2025, funds will be available through a 40-year loan at a minimum 1% interest rate with interest-only payments, unless compliance with other funding sources is required.