Mayor Walsh Pledges $26 Million to Affordable Housing
Boston, MA– The mayor just pledged $26 million "to create and preserve 515 units of housing in Brighton, East Boston, Dorchester, Mattapan, Mission Hill, North End, and Roxbury."
"As Boston continues to grow, we want to make sure everyone has a place to call home, no matter their income," said Mayor Walsh, in a recent press release.
With new luxury developments being built at a rapid pace around Boston, the availability of this housing is more important than ever for those hoping to be able to stay and live within Boston proper.
So what does "affordable" actually mean? This depends city by city, but in this case, families hoping to benefit from this initiative would be earning $65K or less for a family of four.
These developments will be restricted as permanently affordable housing for 50 years, to avoid being sold to developers in the near future.
While this all will be welcomed by low-income families, some will be wondering: where is this money coming from? The answer: 3 places.
- $4.4 million will come from the Department of Neighborhood Development.
- $3.6 million will come from the Neighborhood Housing Trust, which is funded by large commercial developers as a sort of tax on their projects.
- $18 million, by far the largest amount, comes from the Community Preservation Fund. This, you might remember, comes from a one percent property tax surcharge voted on by Boston residents in 2016 with the goal of creating more affordable housing. Looks like this vote is paying dividends.
Quite predictably, community leaders seem pleased with this initiative. Albert Caldarelli, president of the East Boston Community Development Corporation, remarked on this project, saying: "As a result of these new funds, the East Boston CDC will be able to create new affordable senior housing at the Grace Apartments in East Boston and in the North End. We look forward to working with the city as these developments get underway."
With the Mayor's lofty goal of 16,000 new low-income housing units promised to be built be 2030, many Bostonians hope this project is only the beginning.