BOSTON (WHDH) - Mayor Michelle Wu on Tuesday announced a plan to invest $40 million in funding to create and preserve 718 income-restricted housing units in five Boston neighborhoods.
The portfolio of projects includes rental housing in Jamaica Plain, Dorchester, Chinatown, Hyde Park, and Roxbury for families, seniors, and individuals with disabilities, according to Wu. It will also create new homeownership opportunities for low- and moderate-income Bostonians.
Wu noted that the funding was made available by the Mayor’s Office of Housing, the Neighborhood Housing Trust, and the Community Preservation Fund.
“Now more than ever, having a safe and stable home is critical for the health of our families and communities. These housing awards represent significant investments in neighborhoods across Boston, making them stronger and more accessible for our residents,” Wu said. “I’m grateful to the Neighborhood Housing Trust and the Community Preservation Committee for their leadership and partnership with the community.”
To ensure that all units receiving city funding will remain affordable, developers are required to agree to long-term affordability for all income-restricted units, according to Wu. All rental projects are permanently deed-restricted, and all homeownership projects are deed-restricted for 50 years. Additionally, developers of rental projects are required to set aside at least 10 percent of their units for homeless households.
Of the 718 affordable units, 659 of them will be new constructions.
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