MAYOR WALSH MAKES $14M AVAILABLE FOR AFFORDABLE HOUSING |
Walsh Administration has made over $70 million in funding available to create affordable housing
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BOSTON - Thursday, September 15, 2016 - Continuing to build on Boston's commitment to create 6,500 new units of affordable housing by 2030, Mayor Martin J. Walsh announced today that applications for a total of $14 million of funding for affordable housing are available. The funds will be awarded via two competitive Requests for Proposals (RFPs).
The RFPs, which are available from the City's Department of Neighborhood Development (DND), outline criteria for potential developments and the process by which developments will be selected to receive funding.
"We must keep Boston equitable and affordable for all of our residents," Mayor Walsh said. "This funding will help us continue to build a pipeline of affordable housing, giving us the ability to reach the ambitious goals laid out in our housing plan."
The two separate RFPs are valued at $7 million each, and outline a set of priorities for developments that align with the strategic goals of Housing a Changing City: Boston 2030, the Walsh Administration's housing plan. These priorities include:
The funds are drawn from several sources, including $7 million from the Neighborhood Housing Trust, which is the administrator of funds that are created through the City's Linkage policy. Linkage is the City directive through which developers of commercial properties make contributions to the City for affordable housing, based on a formula calculated per square foot of commercial space constructed.
The remainder of the funds come from other sources including the City's Inclusionary Development Fund (IDP). IDP funds come to the City when developers of residential properties of more than ten units choose to fulfill their affordable housing obligation to the city by submitting a "cash-in-lieu" payment, rather than building affordable units on-site. Mayor Walsh signed an Executive Order updating the IDP to increase developer contributions in December 2015.
In addition to the funds from the IDP, the City is also making funding available from Federal monies including HOME and CDBG, along with City operating funds.
City funds are used as "gap" funds, where developers of affordable projects are able to demonstrate the need for City funding. When using City funds, developers are required to follow specific guidelines, including following streamlined design standards, energy efficient standards, and adhering to specific income limits for prospective renters or homeowners.
Since becoming mayor, Mayor Walsh has made more than $70 million in funding available to create affordable housing in the City of Boston. Nearly 20 percent of Boston's housing stock is deed-restricted affordable housing, which is among the highest shares in the nation.
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