Boston Acquisition Fund Preserves 43 Affordable Homes in Roslindale

Trending...
The Mayor's Office of Housing announced today that Parkside on Adams, a 43-unit apartment building that also houses the Roslindale Village Main Streets in Roslindale Village was acquired by Arx Urban using the Boston Acquisition Fund (BAF) and the City's Acquisition Opportunity Program. The acquisition converts the 43 apartments into permanently affordable rental housing, caps existing rent from increasing by more than 2% per year, or reduces rent to income-qualifying households, helping to stabilize housing for residents in a rapidly evolving Boston neighborhood.

"This project demonstrates the impact of the Acquisition Opportunity Program in protecting naturally occurring affordable housing before it is lost to speculation," said Sheila A. Dillon, Chief of Housing. "By preserving the affordability of these homes in perpetuity, we are helping residents remain in their community while also creating long-term housing stability in Roslindale."

The acquisition was supported through the Boston Acquisition Fund, a public-private revolving loan fund that provides fast, low-cost financing to mission-driven developers working to preserve naturally occurring affordable housing across Boston. Administered by the Massachusetts Housing Investment Corporation (MHIC) in partnership with the City of Boston and a coalition of institutional and philanthropic partners, the Fund helps developers compete with speculative investors and preserve housing affordability in rapidly changing neighborhoods. Earlier this year, the Boston Acquisition Fund received the 2026 Ivory Prize for Housing Affordability in the finance category, a national award recognizing innovative and scalable housing solutions that prevent displacement and expand long-term affordability.

More on Boston Chron
Originally constructed in 2015, the property includes 12 studio apartments, 21 one-bedroom apartments, and 10 two-bedroom apartments, along with 40 parking spaces and ground-floor commercial space leased to Roslindale Village Main Streets. The building's location near transit, parks, neighborhood businesses, and community amenities made it a strong candidate for preservation through the Acquisition Opportunity Program. Parkside on Adams sits adjacent to the Roslindale Village MBTA Commuter Rail station. Under the agreement, 22 apartments will be affordable to households earning at or below 60% of the Area Median Income (AMI), and 21 apartments will be affordable to households earning at or below 80% AMI. No current residents will be displaced as part of the acquisition.

The acquisition was completed by Arx Urban, a Boston-area housing developer with experience preserving affordable housing through the City's Acquisition Opportunity Program. Since 2018, Arx Urban has partnered with the City on multiple preservation projects that have created long-term affordability protections for dozens of Boston households.

"Parkside on Adams demonstrates the power of innovative financing to create permanently affordable housing by converting existing market-rate properties into income-restricted homes," said Benjie Moll, Founder and Principal, Arx/Urban. "Through the Boston Acquisition Fund and our partnership with the Mayor's Office of Housing, 43 high-quality, transit-oriented apartments in the heart of Roslindale will now become permanently affordable. This approach allows current residents to remain in their homes with greater long-term stability, helps maintain the economic diversity of the neighborhood, and creates future opportunities for lower- and moderate-income families in a location that is becoming increasingly difficult for working families to afford. We are grateful to be part of a smart, cost-effective model for expanding housing affordability across Boston."

More on Boston Chron
The project also includes planned capital improvements, including roof upgrades and the installation of a solar array to improve the building's long-term sustainability and energy efficiency.

Boston's Acquisition Opportunity Program supports the acquisition of existing rental housing to prevent displacement and preserve affordability for current and future residents. Through the program, the City works with mission-driven developers and financing partners to remove properties from the speculative market and maintain them as affordable housing in perpetuity.

Under Mayor Michelle Wu's leadership, Boston has made historic progress toward creating and preserving homes that residents can afford. Since the start of her first term, the City has produced or begun construction on more than 18,000 new homes, including thousands of income-restricted units, and has launched new policies to make it easier, faster, and less expensive to build housing across every neighborhood. Mayor Wu has directed record levels of investment to prevent displacement, expand affordable homeownership, and support renters and homeowners who face housing instability.

Through innovative programs like the Housing Accelerator Fund, Welcome Home Boston, and the Housing with Public Assets initiative, the City is finding new ways to create housing on public land, convert vacant buildings into homes, and support residents in building wealth and stability. The Mayor's focus on climate and health has also made Boston a national leader in green and energy-efficient housing. Together, these efforts are helping to make Boston a city where every resident can have a safe, stable, and affordable home, and where communities can grow stronger for generations to come.

Filed Under: Government, City
Show All News | Disclaimer | Report Violation

0 Comments

Latest on Boston Chron