~ Boston Commits $1 Million to Preserve Affordable Housing in Roxbury

The City of Boston has announced a commitment of $1 million to support the purchase of properties in Roxbury, in an effort to preserve affordable housing and prevent displacement of longtime residents. This investment is part of the city's broader housing strategy to create and maintain affordable homes for families of all incomes.

Chief of Housing Sheila A. Dillon stated, "Boston is committed to ensuring that our neighborhoods remain places where families of all incomes can live." She emphasized the importance of working with value-based developers, such as Carline Chery, to protect residents from displacement and preserve affordability in communities facing significant housing pressures.

The properties in question contain a total of nine rental units, and under the terms of the acquisition, five units will be reserved for households earning at or below 60% of the Area Median Income (AMI), while the remaining four will be available for households earning at or below 80% AMI. This income-based affordability will provide stable housing for working families and individuals, allowing them to stay in their communities and access nearby jobs, schools, and public transportation.

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The Boston Acquisition Fund (BAF) is a public-private revolving loan fund designed to support mission-driven developers in purchasing occupied multi-family housing in the city. Its purpose is to protect residents from displacement and stabilize communities affected by rising rents and speculative investment pressures. The City of Boston, along with key institutions and philanthropies, are contributing to this fund as part of their efforts to create more affordable homes. The BAF complements the City's Acquisition Opportunity Program which has already preserved over 1,000 affordable units since its launch last year.

Bold Vision Real Estate Solutions (BVRE), led by Carline Chery, is dedicated to creating and preserving affordable housing opportunities in Boston. Through this acquisition, BVRE will maintain existing tenancies and make necessary improvements to the properties, further strengthening the stability and quality of housing in these neighborhoods.

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"We are proud to partner with the City of Boston on this critical effort to preserve affordable housing," said Chery. "The Housing Acquisition Fund is an essential tool in ensuring that longtime residents can remain in their homes, and we look forward to continuing this work to support our communities."

The City's investment will assist with acquisition costs, while BVRE secures additional financing through Eastern Bank and the Massachusetts Housing Investment Corporation (MHIC). Affordability restrictions will be placed on the buildings to ensure these homes remain accessible to low- and moderate-income families for years to come.

This commitment from the City of Boston highlights its dedication to creating and preserving affordable housing for its residents. By partnering with organizations like BVRE, the city is taking proactive steps to keep housing affordable for those who may otherwise face increasing rents or displacement. This investment will not only benefit current residents but also contribute to the overall stability and diversity of Boston's neighborhoods.

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