The City of Boston, as part of its ongoing efforts to prevent displacement due to gentrification, has earmarked $1,000,000 for the acquisition of several properties in the Roxbury area. The aim is to maintain the area's affordability amidst the city’s climbing housing costs, as City of Boston reported. This move comes as a breath of relief for residents worried about being uprooted from a neighborhood many have called home for generations.
"By working with value-based developers like Ms. Chery, we are protecting residents from displacement and preserving affordability in communities experiencing significant housing pressures," Chief of Housing Sheila A. Dillon stated according to the city's announcement. The funding will support nine rental units, five of which will be designated for those earning at or below 60% of the Area Median Income (AMI), the remaining four will cater to households earning at or below 80% AMI. This structured income-based initiative is expected not just to provide stable housing options but also to maintain access to jobs, schools, and public transportation for working families and individuals.
The Boston Acquisition Fund (BAF), which is playing a pivotal role in this strategy, is a public-private revolving loan fund. It buttresses mission-driven developers in their efforts to purchase occupied multi-family housing within the city limits. The fund is a significant component of the city's broader housing strategy aimed at creating and preserving affordable homes. Supported by contributions from both the City of Boston and key Boston institutions and philanthropies, the fund focuses on stabilizing communities grappling with the pressures of rising rents and speculative investments.
Carline Chery, the leader of the development group Bold Vision Real Estate Solutions (BVRE), is committed not only to maintaining the current tenancies but also to making essential improvements to the Roxbury properties. "The Housing Acquisition Fund is an essential tool in ensuring that longtime residents can remain in their homes, and we look forward to continuing this work to support our communities," Chery conveyed, as quoted by the City of Boston. With the city's financial backing assisting in the acquisition costs, BVRE is obtaining additional financing through Eastern Bank and the Massachusetts Housing Investment Corporation (MHIC) to secure the affordability of these homes for the future.
Behind the operational scene of the Boston Acquisition Fund, MHIC is responsible for managing the fund's low-interest loans. These loans are supported by investments from several of Boston's medical and financial institutions, including Massachusetts General Brigham Hospital, the Bar Foundation, and The Boston Foundation. These investments provide MHIC with additional resources to participate in the housing market with the goal of supporting affordability and reducing displacement.
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