City of Boston Announces Latest Purchase Leveraging The Boston Acquisition Fund

The City of Boston is investing $1 million in the acquisition of rental properties in Roxbury to help prevent the displacement of long-time residents amid soaring housing costs. Chief of Housing Sheila A. Dillon stated, “Boston is committed to ensuring that our neighborhoods remain places where families of all incomes can live. ” Under the acquisition terms, five of the nine rental units will be reserved for households earning at or below 60% of the Area Median Income (AMI), while the other four will cater to those earning at or below 80% AMI. This strategy aims to provide stable housing for working families, allowing them to remain in their communities close to jobs and essential services.

The Boston Acquisition Fund, designed to support mission-driven developers, is part of a broader city initiative to preserve affordable housing amidst rising rents and speculative investments. BVRE, led by Carline Chery, will maintain existing tenancies and improve the properties, further enhancing housing quality in the area. The fund is supported by various Boston institutions, reflecting a collaborative effort to address housing challenges. By placing affordability restrictions on the buildings, the city ensures these homes remain accessible to low- and moderate-income families for years to come.