Housing trust hears $1.9 million loan request
The Lowell Affordable Housing Trust Fund board heard a $1.9 million financing request for 28 affordable units but deferred a vote to September.
Other Committee · Meeting of August 19, 2026
LOWELL — The Lowell Affordable Housing Trust Fund board heard a $1.9 million financing request for 28 affordable units but deferred a vote to September. Development team controller James Heller, presenting alongside principals Peter Marlow and David Deegan, asked for the loan at 2 percent interest over 20 years to pay down debt on an occupied building at 27 West 3rd Street, appraised at $5.5 million, and help finance a new 15-unit building. Heller put the per-unit subsidy at $105,500 for the 18 units available immediately and said the city would see about $40,000 in permit revenue and $40,000 annually in tax revenue.
Board member Ty Cha pressed for tenant-selection and monitoring details; Kathy Mercado asked how deed restrictions would survive a future sale. The board separately approved, unanimously, a $7,500 stipend for its 2027 administrator position, to be drawn from Community Preservation Act funds.
In the full story:
- Who Was There
- Organizations And Documents Referenced
- The complete report — 2,114 words
Source: the Other Committee meeting of August 19, 2026, reported from the official video recording and transcript.
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