Diocesan Trustees engage in Initiative to develop affordable housing.

The Trustees of the Diocese of Western Massachusetts are entrusted with the oversight and investment of endowment funds of parishes in the Diocese. The current total fund value is over $60 million.

Up to 2 percent of these funds are designated for “community investment” via low-interest loans. Current investments are with regional housing organizations and small business start-up organizations within the geographic area of the Diocese, as well as significant community investment in support of those adversely affected by Hurricane Katrina in the Delta regions of the South.

John Hockridge is leading the effort at
Trinity, Lenox, to develop affordable
housing in that community.

In November 2005, the Community Investment Committee of the Trustees brought to its Board of Managers a proposal called the Affordable Housing Seed Initiative. This initiative would invite the parishes in the Diocese into the exploration of the need for affordable housing in their respective communities and would encourage parishes to get involved in initiating the development of affordable housing.

At the August Board of Managers meeting, John Hockridge, chairperson of the Community Investment Committee of the Trustees, presented the first affordable housing seed initiative undertaken by one of our parishes since this proposal was introduced.

The parish working on the initiative is Trinity Lenox. John says Lenox is a relatively wealthy community in the Berkshires. “Unfortunately, few can afford to live there,” he adds. “Young families, teachers, town employees and most first-time homebuyers cannot afford a home in Lenox. The schools are experiencing significant declining enrollment.”

At the February 2007 Vestry meeting the following resolution was passed: “Recognizing the need in Lenox, the Vestry of Trinity Parish will provide leadership in the creation of owner-occupied affordable housing in Lenox.”

Now, several months later, Trinity, Lenox has identified property and has chosen a Community Development Corporation housing development partner. They have very enthusiastic community support.

Trinity, Lenox will play an invaluable role in the process. With members’ high visibility in the forefront of this initiative and their relationships with the Select Board, the zoning and conservation boards, the abutters of the property and the town as a whole, Trinity’s leadership will serve the all-important role of keeping the stakeholders in the loop and fully informed.

The Trustees’ Board of Managers unanimously approved a significant investment in this Lenox Affordable Housing Seed Initiative after John Hockridge highlighted several reasons to make this commitment.

“We have a parish in the Diocese at the forefront of this initiative; we have, for the first time, the chance to do community investment in the Berkshires, something that’s been a long time coming,” John says. “If we commit to the investment and commit to Trinity, Lenox, we will be demonstrating to other parishes that we can be there to help them if they make a similar commitment in their communities.”

The trustees’ community investment commitment to the Lenox Affordable Housing Initiative will be in stages. The first commitment of funds ($50,000) would come after the successful completion of a feasibility study. Additional funding would be provided at two other critical pre-construction stages. John says, “Each of these stages of funding is key to the process for a successful outcome for the Lenox Affordable Housing Initiative.”

Contingencies built into each stage of funding commitment provide security for the Trustees’ lending, while providing critical pre-construction funds to help get the project moving forward. The community investment loans are at a 4 percent fixed interest rate and are to be paid back within three years at the time of secured permanent funding.