Mayor Michelle Wu celebrated the retention of these homes as part of Boston’s broader strategy to combat displacement and maintain affordability amidst rising housing costs. The Acquisition Opportunity Program, instrumental in this effort, works by taking rental units off the speculative market and securing them as permanently affordable. Since its inception, the Boston Acquisition Fund has issued loans translating into nearly 400 homes maintained as affordable. The involvement of mission-driven developers, supported by the fund, is crucial in countering luxury property managers and maintaining low-income housing options in the city.

First Citizens Bank’s latest investment bolsters the fund’s capacity, enabling continued efforts to prevent displacement. The bank’s vice president of community development finance emphasized their commitment to the Boston community and the importance of preventing displacement through affordable housing initiatives. This partnership aligns with efforts by various stakeholders, including Mass General Brigham, Dana-Farber, and other local institutions contributing to the fund.

In addition to securing affordable housing, these partnerships aim to enhance the quality of life for residents through infrastructure upgrades, such as sustainable window replacements and electrical improvements. The collaboration between public and private entities underscores a commitment to innovative solutions that address the housing crisis.