Williamstown Housing Trust Awards First-Time Homeowner Grant
WILLIAMSTOWN, Mass. — The trustees of the town's Affordable Housing Trust on Wednesday approved a grant under its DeMayo Mortgage Assistance Program for the first time in more than a year.
On a vote of 5-0, the trustees OK'd a $15,000 award to a longtime resident of Pownal, Vt., looking to become a first-time homeowner in Williamstown.
A representative of lender Greylock Federal Credit Union told the trustees that the would-be homeowner would have needed help from family to make the purchase happen, but for the grant from the town.
"He is looking to retire soon and wants to put down roots in Williamstown," Catherine Squires told the board. "He has grandkids now, and home ownership makes it easier to entertain them. He's very prudent financially, but income wise, it's just not quite there.
"With grant funds, we can skip the co-signer and do the whole thing on his own, which would be preferable for him not to get his son involved."
The AHT board created the mortgage assistance program in 2014 to help income-eligible first-time home-buyers or individuals who lost their job and were relocating to the town for work.
Wednesday's award was the 22nd in the program's history — most at the maximum award level of $15,000.
The most recent before this week came in April 2022, one of just a couple of requests that the board saw since the start of the COVID-19 pandemic, which ushered in a rapid rise in the selling prices of homes in town.
Prior to March 2020, the Affordable Housing Trust had averaged nearly four grants per year since the first was given in January 2014.
Shortly after the pandemic began, the trust created an emergency rental assistance program and an emergency mortgage assistance program in an effort to allow residents to stay in place during the economic turndown.
On Wednesday, Squires indicated that the trust may soon start to see more regular applicants for the first-time buyers program.
"We have been seeing more activity in Williamstown, so we're being more diligent making sure we attempt to qualify people," she said. "You might see more from us. Hopefully, you'll see more of us this year.
"We are doing business in Williamstown but not necessarily for the low- to moderate-income borrowers."
At Wednesday's meeting, Treasurer Ruth Harrison reported to her colleagues that the body had $203,548 in its coffers as of May 31. That figure did not include a $1,000 donation that the trust received recently, Harrison said.
The donation raised the question of whether gifts to a governmental body, like the trust, are tax deductible. The trustees agreed to pursue an answer to that question so they can have it ready for future donors.
The overwhelming majority of the AHT's funding, since its inception, has come from Community Preservation Act funds awarded by the annual town meeting. In May, attendees at the meeting approved a $120,000 transfer of CPA funds to the trust.
In other business on Wednesday, the trustees re-elected all of their 2022-23 officers to continue in their roles for the 2024 fiscal year. Andrew Hogeland was re-elected as chair and Daniel Gura will continue to serve as vice chair. Harrison will continue as treasurer, and Kayla Servin remains as secretary.
Servin shared an update from a working group of the board that is looking at whether the trust can help low- and moderate-income residents by helping them make their homes more energy efficient.
Servin said she and Cheryl Shanks, who did not attend Wednesday's meeting, met with representatives from the town's Carbon Dioxide Lowering Committee, the Berkshire Community Action Council and Berkshire Housing Development Corporation for preliminary talks about how the AHT can offer support for things like installation of solar panels.
Tags: affordable housing trust, grants,
