Boston to Help Affordable Housing Developers Rethink Vacant Lots

With $8.5 million loan fund. 

(Photo by Nelson48)

This is your first of three free stories this month. Become a free or sustaining member to read unlimited articles, webinars and ebooks.

Become A Member

In a market where buildable land goes quickly to private developers paying cash — or investors who sit on the property and wait for its value to rise — nonprofit builders are at a definite disadvantage. Boston Mayor Marty Walsh wants to level that building field, and his administration has announced an $8.5 million program designed to help nonprofits acquire parcels for affordable housing.

The city plans to contribute $2.5 million to the loan fund, with $6 million coming from the Community Economic Development Assistance Corporation and the Local Initiatives Support Corporation, the Boston Globe reports. The program is aimed at underutilized chunks of neighborhood around Boston close to public transportation.

“If you can buy an unused parking lot in, say, Egleston Square for $1 million and put a 40- or 50-unit building on it, that’s kind of the sweet spot,” Sheila Dillon, chief of housing for Mayor Walsh, told the Globe. “We need to take things out of the speculative market.”

The program is similar to another one that the city announced last year to help nonprofits buy apartment buildings. According to the Globe, results of that program have been mixed with some success in East Boston and Roslindale. But in other neighborhoods, the money offered hasn’t gone far enough.

Like other cities struggling with the many flip sides of a hot housing market — skyrocketing rents, displacement, homelessness — Boston has gotten creative in the last few years. In 2016, voters chose to adopt the Massachusetts state Community Preservation Act (CPA), which allows municipalities to add a small surcharge to their property taxes to fund affordable housing, open space acquisition and historic preservation. As Next City has reported, the city had previously opted out of the agreement, under which the state can match local dollars by up to 30 percent.

Walsh has also made housing a legislative priority, promising to address the city’s housing shortage by building 53,000 new homes by 2030, although questions remain about how he plans to go about doing that without causing displacement — a worry that’s especially prevalent in black communities like Dudley Square.

Like what you’re reading? Get a browser notification whenever we post a new story. You’re signed-up for browser notifications of new stories. No longer want to be notified? Unsubscribe.

Rachel Dovey is an award-winning freelance writer and former USC Annenberg fellow living at the northern tip of California’s Bay Area. She writes about infrastructure, water and climate change and has been published by Bust, Wired, Paste, SF Weekly, the East Bay Express and the North Bay Bohemian

Follow Rachel .(JavaScript must be enabled to view this email address)

Tags: affordable housingboston

×
Next City App Never Miss A StoryDownload our app ×
×

You've reached your monthly limit of three free stories.

This is not a paywall. Become a free or sustaining member to continue reading.

  • Read unlimited stories each month
  • Our email newsletter
  • Webinars and ebooks in one click
  • Our Solutions of the Year magazine
  • Support solutions journalism and preserve access to all readers who work to liberate cities

Join 1096 other sustainers such as:

  • Gabby at $5/Month
  • Abigail at $10/Month
  • Gloria at $5/Month

Already a member? Log in here. U.S. donations are tax-deductible minus the value of thank-you gifts. Questions? Learn more about our membership options.

or pay by credit card:

All members are automatically signed-up to our email newsletter. You can unsubscribe with one-click at any time.

  • Donate $20 or $5/Month

    20th Anniversary Solutions of the Year magazine

has donated ! Thank you 🎉
Donate
×