From: Philip Hervey, Town Manager
To: Amey Spencer Board of Trustees
Subj: February 2, 2026, Spencer Trust Agenda
Date: February 2, 2026
Minutes from the Spencer Trust meeting held September 8, 2025
TM Comment: Spencer Trust Administrator Karen Griffith, with my input, provided the attached memo on proposed revisions to the terms of Spencer Trust Home Repair loans, which we recommend given the reduced amount of funding available for home repair assistance through the Spencer Trust going forward and a new State home repair program that is available to households earning less than 80 percent of the Area Median Income.
Motion: To approve revisions to the Spencer Trust home repair loan terms, as presented.
TM Comment: Two Spencer Trust forgivable home repair loans totaling $9,775 were repaid recently when the property was sold prior to the loan forgiveness date. Requesting the Trustees to approve adding the funds to the FY2026 home repair program budget, as the funds are almost fully committed.
Motion: To approve amending the FY2026 Spencer Trust Budget, as presented, to add $9,775 to the home repair program budget.