Housing Trust Fund Board of Trustees

Established in 2005 at Andover’s Annual Town Meeting.

It is managed by a volunteer Board with 6–7-members, comprised of Andover Residents.  There are no operating costs of operating the Trust.  The Board meets a minimum of 4 times per year. Governed by a Declaration of Trust

The Andover Affordable Housing Trust Fund is a mechanism to:

  • Maintain at least the 10% affordable housing inventory in Andover as required by the Commonwealth of Massachusetts.
  • Preserves existing affordable units.
  • Provides funding for new affordable housing opportunities.
  • Creates grants for first time home buyers or emergency assistance for families in dire need.

Mission Statement

To provide for the creation, preservation, and retention of affordable housing in the Town of Andover for the benefit of low- and moderate-income households, and to maximize access to affordable housing through a variety of programs.

Projects 2005-2023

  • Created or preserved 25 units of affordable housing located throughout Andover including North Street, Andover Street, Haverhill Street, Cheever Circle, Pinecrest Road, Lovejoy Road, Bannister Street, Lupine Road, Michael Way, Alden Road, and Lowell Street.  
  • Created and funded an Emergency Rental Assistance program in 2021 and 2022 for families or persons with dire circumstances.
  • Implemented a First-time home buyer program in 2008 and helped 10 families purchase condominiums.

Funding Sources

  1. HOME Grant Funds – Annual:  Approximately $30,000 per year grant (restricted uses)
  2. Housing Trust Account Deposits:
  • Foreclosures (in 2008-2011 several foreclosures provided funding to the Trust)
  • Inclusionary Zoning (payment in lieu of units)
  • Donations 
  • Contribution percentages from affordable sales (Riverside Woods)

Remaining Balance January 2024 $107,843.

2019 HOME Grant Funding helped build units on Lupine Road:

Related Information

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