facebook
TradedTraded
    Home
    Search
    Closings
    Listings
    On Market
    Off Market
    Add a listing
    Vaults
    shh
    Rankings
    News
    Data
    Socials
    More


Messages

Go Pro
+ Submit+ Submit a Deal
Government

Mar 26, 2024

Mayor Wu Allocates $69M for 800+ Mixed-income Housing Units Across Boston

Mayor Michelle Wu has allocated grants to develop new mixed-income housing in nine Boston neighborhoods, marking a significant step in addressing the city's affordability crisis.

Mayor Wu Allocates $69M for 800+ Mixed-income Housing Units Across Boston
Traded Media
Traded Media

Traded Editorial

2 min read

Mayor Michelle Wu has allocated grants to develop new mixed-income housing in nine Boston neighborhoods, marking a significant step in addressing the city's affordability crisis.

Grant Allocation and Housing Units

At an event held at The Substation, Mayor Wu disclosed grants totaling $69 million to 14 developers. These funds will facilitate the construction of 826 new housing units, with 775 designated as income-restricted. The financial sources for these grants include the Community Preservation Act, Boston's linkage program, private contributions, and state and federal funding. Importantly, all projects adhere to the city's zero-emissions building standards.

Collaborative Approach to Addressing Challenges

Mayor Wu emphasized the importance of collaboration and partnership in maximizing the impact of available resources. She rejected the notion of false choices between stability, community, sustainability, and affordability, highlighting Boston's commitment to leveraging collective efforts for comprehensive solutions.

Recipient Developers and Project Locations

Among the grant recipients are prominent developers such as Pennrose, Planning Office of Urban Affairs, Arx Urban, and Trinity Financial. The planned projects span various neighborhoods including Charlestown, Dorchester, East Boston, Jamaica Plain, Mattapan, Mission Hill, Roslindale, Roxbury, and Allston-Brighton.

Progress in Affordable Housing Initiatives

The city's Chief of Housing, Sheila Dillon, noted significant progress in permitting income-restricted housing, with 2,323 units authorized over the past two years—the highest in a quarter-century. Dillon underscored the impact of these endeavors in providing housing for families, older adults, homeless individuals, and veterans.

Project Highlights and Community Impact

Highlighted projects include Arx Urban and Boston Communities' development on Washington St., featuring 31 income-restricted units, primarily catering to those earning 60% or less of the area median income. Boston Communities principal Phillip Cohen expressed enthusiasm for the project's contribution to inclusive housing opportunities.

Challenges Amid Progress

Despite progress, challenges persist. Projects such as the Constitution Inn redevelopment in Charlestown and Trinity Financial's development in Dorchester face legal opposition from affected communities.

Continued Commitment to Affordable Housing

These initiatives represent the latest endeavors by the Wu administration to promote and preserve affordable housing citywide. In 2022, the city allocated $47 million to acquire a portfolio of 36 buildings in East Boston, following Mayor Wu's executive order to streamline the approval process for affordable housing projects.

#Boston#Government#Multifamily
Published: Mar 26, 2024Last updated: March 26, 2024