The Boston Acquisition Fund will offer low-interest loans to developers who pledge to keep multifamily housing affordable.
A new city program in Boston will assist non-profit and mission-driven housing developers acquire occupied multifamily housing if they pledge to keep it permanently affordable.
As Ysabelle Kempe reports in Smart Cities Dive, “The public-private partnership aims to raise $25 million. The city already has about $13 million from city grant funding and 10 local organizations, including medical centers and philanthropic groups.”
The Boston Acquisition Fund will offer revolving loans, similar to the city’s existing Acquisition Opportunity Program, which has helped developers buy over 1,000 units since its launch in 2016.
“As a revolving fund, the BAF will provide low-interest loans to developers, and the repaid funds will be reinvested into future projects. This model creates “a sustainable model for preserving affordability,” according to the city of Boston.” The city aims to help developers acquire 500 units by 2030 under the new program.
FULL STORY: Boston ramps up affordable housing preservation efforts with new revolving fund
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