Mayor Wu Announces $40 Million in Grant Funding Available for Affordable Housing

Mayor Michelle Wu today announced that the City of Boston has released two Request for Proposals (RFP), offering $40 million for affordable housing projects seeking financial support from the Mayor’s Office of Housing (MOH), the Community Preservation Act Fund and the Neighborhood Housing Trust. This funding is available for rental, cooperative, and homeownership developments. Four million dollars of funding will be set aside to create and preserve supportive housing for homeless and/or aging populations. 

"With rising housing costs, it is critical to preserve the diversity and character of Boston’s neighborhoods," said Mayor Michelle Wu. "My administration has made it a priority to increase affordability and stop displacement. This investment of $40 million will help preserve and create affordable housing that is much needed in our neighborhoods."

The Mayor’s Office of Housing, the Community Preservation Committee, and the Neighborhood Housing Trust are committed to prioritizing affordable housing projects that meet several key criteria. They will prioritize affordable projects that utilize City-owned land and target a mix of incomes, from units for individuals facing homelessness  to those restricted to incomes representative of Boston's workforce. They will also prioritize projects that provide homes to the disabled community, older residents, veterans, artists, and youth aging out of foster care. Additionally, they will focus on affordable housing developments in neighborhoods that currently lack affordable housing options and developments at risk of losing their affordability. Projects that have reduced the cost to build and efficiently use subsidies will also be given priority.

“Today we are pleased to announce the availability of $40 million in housing funding through our latest request for proposals, reflecting our commitment to expanding affordable housing options across Boston,” said Chief of Housing Sheila Dillon. “This funding opportunity is a demonstration of our work to make Boston a place where every resident can find a stable and affordable home. By supporting a range of housing projects, from rentals to cooperatives and homeownership initiatives, we are advancing equity and strengthening our communities.”

“Community Preservation Funds are being used to ensure that everyone has access to a home, regardless of their income or background. In a vibrant city like Boston, affordable housing is essential for creating a brighter future. It's about building stronger communities, bridging gaps, and creating pathways to stability and opportunity,” said Thadine Brown, Director of the Community Preservation Office.  

“The City of Boston’s early support for our affordable housing efforts has been instrumental in helping the Allston Brighton CDC to attract a wide variety of other public and private resources that are crucial in making a positive impact on the housing creation and preservation in our neighborhood,” said John Woods, Executive Director of the Allston Brighton Community Development Corporation. “The Mayor’s Office of Housing has shown real leadership in looking for innovative approaches to solve the many challenges that nonprofits face in delivering long-term housing options for the people they serve.”

This year’s RFPs will enhance the City of Boston’s long-standing focus on advancing equity in every stage of the housing creation and the preservation process.The RFP requires developers to report on how they will ensure minority-owned businesses (MBEs) are represented throughout the development and property management process. The RFP priorities will include a preference for projects where 30 percent or more of the project is owned by an MBE or 30 percent or more of a project’s soft costs are awarded to minority-owned firms. Applicants must also provide details on how resident services will be offered in multifamily developments that will help support economic mobility for residents who live in affordable housing units.

“Making sure we address the housing needs of our underserved residents aligns with the mission we share with our housing partners in the City of Boston,” said MassHousing CEO Chrystal Kornegay. “This announcement that the city is committing $40 million in grant funds to not only create more equitable housing opportunities in the city, but to also increase more diversity in the development community, is exciting news and MassHousing is looking forward to our continued collaboration with the city to confront the housing challenges before use.”

The City encourages developers to build in accessibility for all through the application of universal design principles throughout their projects. Furthering the City’s commitment to a Carbon Neutral Boston by 2050, the RFPs also require that proposers of new construction demonstrate a plan to achieve zero emissions in their new buildings.

There will be a virtual Applicants Conference on Monday, August 26, 2024, at 10:00 am. Interested applicants may register here. Applicants are strongly encouraged to submit a Letter of Intent by Wednesday, August 28, 2024, and a final proposal must be submitted by September 20, 2024.