40 Million In Funding To Expand And Preserve Affordable Housing in Boston

Boston Mayor Michelle Wu announced a $40 million funding initiative to enhance affordable housing, targeting various projects such as supportive and cooperative housing. This funding aims to support non-profit and for-profit developers in creating and preserving affordable housing amidst rising costs. Sheila Dillon, Chief of Housing, stated that the investment will facilitate diverse housing options for all residents, regardless of income. The proposals will be prioritized based on their use of City-owned land and their ability to meet the needs of vulnerable populations, including seniors and veterans. In the past three years, the city has achieved a record of over 5,600 income-restricted units completed or under construction.

Wu's executive order to accelerate project approvals has cut review times by more than 25 percent, further promoting affordable housing development. The initiative reflects a broader commitment to ensuring Boston remains accessible for families of all backgrounds. City officials highlighted the urgency of addressing housing concerns, which residents have identified as their top issue.