Boston Mayor Martin J. Walsh yesterday announced the establishment of the Boston’s Way Home Fund. The fund aims to raise $10 million over the course of four years and the money will be used to create 200 new units of supportive, sustainable, long-term housing for chronically homeless men and women.

“As Bostonians, we know that the thing we love celebrating most is our spirit, our resilience and each other,” Walsh said in a statement. “We are committed to making sure that every person in our city has a place to call their home and build a better life, and this new fund will help do just that. People often ask what they can do to help – I encourage everyone to learn more about Boston’s Way Home Fund, and invite every organization and individual to join us as we move closer to our goal of ending chronic homelessness in the city of Boston.”

The fund has been launched in partnership with Pine Street Inn and Bank of America. BofA kicked off the fund with a $250,000 donation.

“Safe, supportive housing is fundamental to achieving economic self-sufficiency, and a core pillar of Bank of America’s commitment to Boston’s continued growth as a thriving, sustainable city,” Miceal Chamberlain, Massachusetts president for Bank of America, said in a statement. “We’re honored to work with Mayor Walsh and our long-standing partners, Pine Street Inn, to help establish this critical fund to provide affordable homes for those who need them most.”

Boston’s Way Home calls for the creation of an additional 200 new permanent supportive housing units. To determine the appropriate number of new permanent supportive housing units, during the development of Boston’s Way Home, the city’s Department of Neighborhood Development contracted the Corporation for Supportive Housing to calculate the need for permanent supporting housing and other types of interventions in Boston.  

The $10 million raised from the fund is expected to leverage a significant public and private investment.