Trust Extends Colony on Grove Financing to Sept. 30

Other Committee · Meeting of August 19, 2026

Worcester's Affordable Housing Trust Fund board extended Colony on Grove financing and adopted a new spending policy. Trustees unanimously pushed the closing deadline for the ARPA-funded Colony on Grove Apple phase and CPA-funded Colony on Grove Beach phase to September 30 after M&T Bank said it needed more time. Consultant Craig Nicholson of Affirmative Investments said the sponsor "dropped the price" on a state tax credit sale, opening a $250,000 gap Colony Retirement Homes is covering through deferred fees.

The board also adopted an Administrative Expenditure Policy capping annual trust operating costs at the lesser of five percent of its unrestricted fund balance or $25,000, letting Trust Fund Manager Jeanette Kazmi approve expenditures up to $5,000. As of July 31, the trust's reconciled bank balance stood at just under $6.8 million, with about $4.5 million still uncommitted to listed projects.

In the full story:

• Roll Call and New Trustee Welcome
• Approval of June Minutes
• Colony on Grove Financing Extension
• Administrative Expenditure Policy
• Financial Status Update
• Updates and Announcements
• Who Was There
• Organizations And Documents Referenced
• The complete report: 2,470 words

Source: the Other Committee meeting of August 19, 2026, reported from the official video recording and transcript.

Checked against the record: before publication this article was automatically compared with the meeting transcript.