Wellesley Affordable Housing Trust Shifts From Down Payment Aid to Unit Buy-Down Strategy

WELLESLEY -- June 17, 2026, Wellesley Affordable Housing Trust reviews draft five-year action plan, steers away from direct down payment assistance. Trustees spent nearly 90 minutes Wednesday with consultant Jen Goldson of JM Goldson debating whether a proposed down payment assistance program, envisioned as zero-interest loans of roughly $20,000 to $30,000 to income-eligible homebuyers, aligned with the trust's mission; Trustee Kenneth Largess III said he "fundamentally" opposed transferring public money to individuals, while Chair Micah O'Neil and Trustee Maura Renzella described it as a secured loan rather than a gift. The board landed on a buy-down model instead, under which the trust would subsidize the price of deed-restricted units from 80 percent of Area Median Income down to 60 or 50 percent, locking in affordability permanently. Trustees also directed Goldson to pursue the roughly $2 million sitting in the town's Community Preservation Act housing reserve, add a new goal covering preservation of the approximately 240 affordable units not owned by the Wellesley Housing Authority, and remove all references to the contested MassBay Community College campus at 40 Oakland Street from the draft. A joint session with the Housing Authority board is targeted for July 16.