Lowell Housing Trust Adopts Hybrid Model, Eyes Four ARPA Spending Strategies

LOWELL — October 15, 2025 — Lowell's Affordable Housing Trust Fund adopted a hybrid operational model and approved four ARPA investment strategies at its October 15 meeting. The board unanimously endorsed the hybrid model over funding-entity and active-initiator alternatives, and approved a $310,000 Community Preservation Act application. Administrator George Koris and city ARPA staff member Jessica Facio outlined four categories of eligible spending — project-specific per-unit loans, direct land or property acquisition, market-rate unit conversions, and HOME program principal buydowns — all structured to meet a hard December 31, 2026 federal deadline for the trust's $3.3 million ARPA allocation. The board also delegated due diligence authority to city staff and adopted a policy requiring each funding source to be held in a separate account. Board member Eric Nelson said options C and D "will be most expeditious" given the tight timeline, and the full board expressed openness to all four strategies.