In a significant step towards combating the affordable housing crisis in Boston, Mayor Michelle Wu has announced the preservation of 1,000 at-risk housing units through the City’s Acquisition Opportunity Program (AOP). The program, which has been instrumental in maintaining affordability in Boston's housing market, has reached its goal five years ahead of schedule, having been kickstarted in 2016 with the aim to secure 1,000 homes by 2030. According to a press release from Boston's official website, mission-driven developers are to thank for this effort, snatching properties from the commercial market to ensure they remain accessible to current and future residents.
Mayor Wu's administration has injected over $56 million in federal funds into the AOP, effectuating an acceleration of the program's efficacy to secure nearly 400 units since she took office. The AOP, as reported by Boston's official website, offers zero-interest loans to support nonprofit organizations and developers dedicated to affordable housing to stave off commercial developers. These loans, therefore, empower these groups to buy properties as they hit the market, ensuring they stay affordable.
Mayor Wu stated, "The Acquisition Opportunity Program is a testament to Boston's commitment to ensuring that all residents have access to affordable housing," as noted by the city's official website. Echoing her sentiment, Chief of Housing Sheila A. Dillon highlighted that reaching the 1,000-unit milestone showcases the dedication of the development and lending partners involved, in conjunction with the Wu Administration’s pledge to end displacement, ensuring Boston continues to be a home for everyone.
These initiatives come at a critical time for residents of neighborhoods such as Mattapan, Dorchester, and Roxbury, where a third of multi-family properties are being snapped up by private investors, increasing the risk of displacement for current tenants. Since 2016, the city has invested a hefty sum of $97 million into the AOP program, as per Boston's official website. This investment also embraces community-controlled and perennially affordable housing as fundamental cornerstones of the program, embodied by organizations such as the Boston Neighborhood Community Land Trust.
Residents and organizations alike herald the program for its impact. Yvette Moore, a resident at an AOP-supported development, expressed her gratitude, "We want other people to reap the same benefits from AOP because BNCLT was able to buy the building we're now able to stay in our own home." And Adler Bernadin of Lavi Investment LLC told Boston's official website, "Thanks to the City of Boston’s Acquisition Opportunity Program (AOP), I’ve been able to extend my reach even further in supporting affordable housing," noting that a significant share of his units cater to families with mobile housing vouchers, those well below 60% of the area median income, including some transitioning from homeless shelters.
Looking ahead, Mayor Wu’s office has set a target of 350 additional affordable housing units to be preserved by the end of 2026, with a concentrated effort to increase community engagement and explore inventive financing models. Information on the AOP’s mission and accomplishments can be found on the City of Boston’s website.
