Boston Affordable Housing Program Meets 1,000-Unit Goal

The program offers zero-interest loans to developers that keep rental units affordable for at least 50 years.

1 minute read

November 6, 2024, 6:00 AM PST

By Diana Ionescu @aworkoffiction


Aerial view of dense residential neighborhood in Back Bay, Boston, Massachusetts.

Harold Stiver / Adobe Stock

Boston’s Acquisition Opportunity Program has helped protect the affordability of 1,000 rental homes five years ahead of schedule, writes Ysabelle Kempe in Smart Cities Dive.

The program assists “mission-driven” developers in purchasing housing with zero-interest loans in exchange for a commitment to maintain affordability for tenants for at least 50 years. “The developers must also set aside at least 40% of the units for low- and moderate-income families.”

Nonprofits such as the East Boston Community Development Corp. have benefited from the program, which has helped them acquire 150 units. “Now that Boston has hit its 1,000-home goal, it is setting another to help preserve over 350 more affordable housing units by the end of 2026.”

Friday, November 1, 2024 in Smart Cities Dive

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