~ Boston Mayor Michelle Wu proudly announced today that the City's Boston Acquisition Fund has been awarded the prestigious 2026 Ivory Prize for Housing Affordability in the Finance category. The national award, presented annually by Ivory Innovations, recognizes innovative and scalable solutions to the housing affordability crisis. The Boston Acquisition Fund was recognized for its role in preserving naturally occurring affordable housing and preventing resident displacement across the city.

Launched in 2024, the Boston Acquisition Fund is a public-private revolving loan fund that provides rapid, low-cost acquisition financing to mission-driven developers seeking to preserve existing below-market-rate housing. It is supported by a coalition of hospitals, philanthropic partners, and banks. The fund is administered by Massachusetts Housing Investment Corporation, a Boston-based non-profit lender.

Mayor Wu expressed her excitement at being named alongside other innovative communities and organizations who are finding ways to solve complex challenges and tackle the housing crisis. She stated that this award reflects the strength of Boston's public-private partnerships and their shared work with mission-driven developers to ease displacement pressures and preserve critical affordable housing for thousands of residents.

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The coalition of investors includes the City of Boston, Mass General Brigham, the Boston Foundation, the Barr Foundation, Boston Children's Hospital, Boston Medical Center, Dana Farber Cancer Center, Beth Israel Lahey Health, Tufts Medical Center, First Citizens Bank, Housing Ministries of New England, Eastern Bank Foundation, and Massachusetts Housing Investment Corporation.

Since its launch in 2024 with a $45 million fund, the Boston Acquisition Fund has supported the acquisition of 435 homes in Roxbury, Dorchester, Roslindale, and Mattapan. This has resulted in permanently stabilizing rent for over 1,000 households. The success of this fund builds on and complements the City's Acquisition Opportunity Program (AOP), which has supported the acquisition preservation of more than 1,400 affordable homes since its inception.

Chief of Housing Sheila A. Dillon praised the Boston Acquisition Fund for creating a practical and replicable financing model that helps preserve affordability in the face of displacement pressures. She highlighted the strength of partnership between the City, nonprofit developers, lenders, and institutional partners as a key factor in this success. This award serves as a testament to Boston's commitment to evolving and strengthening their housing preservation efforts to meet the challenges of today.

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The 2026 Ivory Prize winners will be honored in person at the annual Ivory Prize Summit, a national convening that brings together entrepreneurs, academics, policymakers, and industry leaders to collaborate and learn about the most impactful housing affordability solutions. This year's summit will take place on October 14-15 in Tempe, Arizona.

In conclusion, Mayor Wu and the City of Boston are proud to receive this recognition for their determination to lead with innovative and scalable solutions for cities facing similar challenges. The Boston Acquisition Fund is a shining example of how public-private partnerships can make a significant impact in preserving affordable housing and preventing displacement. With its flexible and revolving source of capital, it is poised to support multiple generations of affordable housing investments in the future.

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