Boston Mayor Michelle Wu has introduced a new initiative to address the city's housing affordability challenges. The Boston Acquisition Fund is a collaboration between the public and private sectors, aiming to secure and preserve affordable housing. The initiative focuses on preventing displacement and housing instability, particularly in communities of color, according to the City of Boston.

The Boston Acquisition Fund is designed to help keep housing affordable by providing low-interest loans to developers to buy multi-family properties. With a goal of raising $25 million, the fund has already secured $13 million, including a $5 million grant from the City of Boston. The fund’s revolving loan model allows repaid funds to be used for future projects. "As Boston faces unprecedented housing challenges, the Boston Acquisition Fund will help us safeguard affordable homes and keep residents rooted in their communities," said Mayor Wu. The fund aims to acquire 500 homes and protect over 1,500 residents from displacement over the next five years.

The Massachusetts Housing Investment Corporation is managing a fund to preserve affordable housing and stabilize neighborhoods at risk of displacement. Moddie Turay, President and CEO of Massachusetts Housing Investment Corporation, stated, "This fund is an important step forward in our commitment to preserving affordable housing and stabilizing neighborhoods at risk of displacement." The fund provides financing and technical support to help develop new, local, and diverse development teams. Healthcare institutions like Mass General Brigham support the initiative, recognizing that stable housing improves health outcomes. Dr. Elsie Taveras explained, "Stable, affordable housing is essential for good health, as poor housing conditions are closely linked to chronic issues such as cardiovascular disease, asthma, and long-term stress." The City of Boston continues to seek additional partners for the Boston Affordable Housing Fund, which plays a crucial role in keeping the city accessible and equitable as housing costs rise.