Photo by James Sanna | Banker & Tradesman Staff / File
Boston officials say they are making $40 million in grant funding available for affordable housing projects this year. But developers will have to scramble to meet the deadline if they weren’t expecting it.
Mayor Michelle Wu Thursday afternoon announced the release of the city of Boston’s annual request for proposals for affordable housing developments, providing $40 million to support the creation and preservation of affordable housing across the city. This year’s funding is available to both nonprofit and for-profit developers for rental, cooperative and supportive housing projects. Of the total, $4 million will be made available to create and preserve supportive housing developments for homeless and/or aging residents.
“With housing costs continuing to rise, our focus is on ensuring that every Boston resident has access to stable, affordable homes,” Wu said in a statement. “This $40 million investment will enable us to support a diverse range of housing projects, from preserving at-risk developments to building new units for those most in need, while also ensuring that Boston remains a city where families of all backgrounds can thrive.”
The money comes from the city’s Neighborhood Housing Trust, a fund paid into by developers via the city’s “linkage” development fee system.
The mayor’s announcement said the city will prioritize proposals that: utilize land owned by the city; provide a mix of units from extremely low-income to middle-income households; include housing for older residents, veterans, individuals with disabilities, youth aging out of foster care, and artists; build or preserve affordable housing in neighborhoods with limited affordability; and reduce development costs and efficiently leverage public and private funding.
Boston is also calling on developers to integrate universal design principles for accessibility and to build highly energy-efficient and fossil fuel free buildings in alignment with Boston’s goal of carbon neutrality by 2050.
Deadlines are tight. Wu’s office said letters of Intent are due this afternoon by 4 p.m., with full proposals due by 4 p.m. on Friday, Sept. 19.
“Over the years, the city’s support has been critical in helping community organizations like ours leverage additional public and private funding to bring affordable housing projects to life,” East Boston Community Development Corporation President and Executive Director Sal Colombo said in a statement provided by Wu’s office.
