Boston Wants to Flip More Market-Rate Apartments into Affordable Housing
“The City of Boston is planning to expand a program that helps investors convert existing apartment units into income-restricted housing as part of a $26 million housing investment announced by Mayor Marty Walsh last week. The Acquisition Opportunity Program, which was launched as a pilot in 2016, is meant to ‘protect the city’s rental housing stock from market forces,’ according to program materials, by helping nonprofit groups and other buyers purchase market-rate apartments when they agree to lease the units at affordable rates. Subsidies from the city of up to $75,000 per unit help affordable housing providers compete for properties with private investors. To participate in the program, buyers must agree to honor existing tenancies, set aside at least 40 percent of units for low- and moderate-income families, and maintain affordability levels for at least 50 years.”