At the upcoming City Council meeting on December 4th, Boston Mayor Michelle Wu plans to propose a $110-million appropriation for the creation of the city’s Housing Accelerator Fund. This new fund aims to stimulate housing production by providing financing for projects that have received approvals but have not yet begun construction.
Funded by unrestricted prior-year budgetary funds, this initiative will also receive matching investments from the Commonwealth’s Housing Momentum Fund. The announcement was made at Bunker Hill Redevelopment in Charlestown, where mixed-income units developed through a public-private partnership between Boston Housing Authority and Leggat McCall Properties will be among the first beneficiaries of this fund.
According to Wu, addressing Boston’s housing crisis is crucial in supporting families across all neighborhoods. She believes that utilizing city dollars wisely through initiatives like this can jumpstart new projects and ultimately contribute towards more affordable housing options. Additionally, once these projects are financed and completed, these funds will be returned back to the city while also promoting public-private partnerships for housing development and homeownership opportunities.
The accompanying photo shows an image of Bunker Hill redevelopment in Charlestown as an example of what can be achieved with funding from programs like Wu’s proposed $110M Boston Housing Accelerator Fund.
