SPRINGFIELD, Mass. (WWLP) – The Springfield City Council has approved a new housing trust fund for the city.

The funding will provide money to create, preserve, rehabilitate and adapt housing in Springfield. Potential projects of the trust fund include grants to eligible homeowners for exterior and foundational repairs.

“We have some of the oldest housing stock here in Springfield. We also have a large number of individuals, especially senior citizens who might not always be able to afford repairs that may come up,” said Jesse Lederman of the Springfield City Council.

Councilor Lederman adds that a Funds Advisory Committee will be appointed to move the initiative forward. The initial funding is expected to come from the American Rescue Plan.