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Boston Plans to Put $26 Million Toward Affordable Housing Projects
Mayor Martin J. Walsh has announced that $26 million will go to affordable housing projects in Boston. The initiative includes 459 units of new housing and preservation of 56 units of existing affordable housing.
The majority of the funding, $18 million, will come from the Community Preservation Fund, a reserve based on a residential and commercial property tax of 1 percent. The remainder of the funding will be provided by the Department of Neighborhood Development and a trust derived from a fee charged to commercial developers.
"The Walsh administration has set a goal to create 69,000 new units of housing in Boston by 2030. At the announcement — attended by funders, developers, city officials, and residents — Walsh, touched on how essential community partnerships were in establishing new housing projects," reports Max Reyes.