FEBRUARY 2021: LATEST UPDATES FROM THE DEPARTMENT OF NEIGHBORHOOD DEVELOPMENT
February 12, 2021
PUBLISHED BY: NEIGHBORHOOD DEVELOPMENT
Welcome to the Department of Neighborhood Development's monthly newsletter. This February update focuses on our ongoing work: housing our homeless neighbors, creating new affordable housing, assisting renters, managing the City's tax foreclosed real estate portfolio, and helping Bostonians buy and maintain their homes.
NEW AFFORDABLE HOUSING
54 UNITS PURCHASED THROUGH BOSTON'S ACQUISITION OPPORTUNITY PROGRAM
The City of Boston is pleased to announce that partnerships with the Mount Vernon Company and TLee Development have resulted in the acquisition and preservation of 54 units of naturally occurring affordable housing through the Acquisition Opportunity Program (AOP). The new acquisitions are:
- 119 Berkeley St (pictured), securing 23 units of affordable housing off of the private market in the Back Bay. Developer: MVC 119 Berkeley LLC (Mount Vernon Company)
- 56-58 Bowdoin Ave, securing another 31 previously unrestricted units in Dorchester. Developer: Tlee Development LLC (Travis Lee)
The AOP was created in 2016 to assist affordable housing developers in purchasing rental units out of the private housing market and protecting tenants from escalating, market-rate rents, by income restricting the property. The AOP allows developer partners to act quickly and compete with speculative buyers to purchase rental units at below-market rates for low-income Bostonians, while increasing the City's protected affordable housing stock.