City of Boston Announces Latest Purchase Leveraging The Boston Acquisition Fund

The City of Boston is committing $1,000,000 to support the purchase of these properties, which will help ensure that longtime residents are not displaced as housing costs rise.

“Boston is committed to ensuring that our neighborhoods remain places where families of all incomes can live,” said Chief of Housing Sheila A. Dillon. “By working with value-based developers like Ms. Chery, we are protecting residents from displacement and preserving affordability in communities experiencing significant housing pressures.”

The properties, located in Roxbury, contain a total of 9 rental units. Under the terms of the acquisition, five of the units will be reserved for households earning at or below 60% of the Area Median Income (AMI), while the other four will be available to households earning at or below 80% AMI. This income-based affordability will provide stable housing for working families and individuals, allowing them to stay in their communities and access nearby jobs, schools, and public transportation.

The Boston Acquisition Fund is part of the City’s broader housing strategy to create and preserve affordable homes. The BAF, a public-private revolving loan fund, is designed to support mission-driven developers in purchasing occupied multi-family housing in the city. The purpose is to protect residents from displacement and stabilize communities affected by rising rents and speculative investment pressures, creating housing stability  The City of Boston and key Boston institutions and philanthropies are contributing to the fund. This fund builds the City’s Acquisition Opportunity Program, which the Mayor announced late last year has already preserved over 1,000 affordable units in Boston. By partnering with organizations like BVRE, the City is taking proactive steps to keep housing affordable for residents who might otherwise face increasing rents or displacement.

BVRE, led by Carline Chery, is dedicated to creating and preserving affordable housing opportunities in Boston. Through this acquisition, BVRE will maintain the existing tenancies and make necessary improvements to the properties, further strengthening the stability and quality of housing in these neighborhoods.

“We are proud to partner with the City of Boston on this critical effort to preserve affordable housing,” said Carline Chery, Founder and Principal of Bold Vision Real Estate Solutions. “The Housing Acquisition Fund is an essential tool in ensuring that longtime residents can remain in their homes, and we look forward to continuing this work to support our communities.”

The investment from the City will assist with acquisition costs, while BVRE is securing additional financing through Eastern Bank and the Massachusetts Housing Investment Corporation (MHIC). Affordability restrictions will be placed on the buildings to ensure these homes remain accessible to low- and moderate-income families for years to come.

About the Boston Acquisition Fund

The Boston Acquisition Fund provides low-interest loans to nonprofits, community land trusts, and socially-minded developers to acquire tenanted multi-family properties. The goal is to expand the City of Boston's ability to prevent displacement, preserve affordability, and combat private investor competition in the housing market. The fund is managed by the Massachusetts Housing Investment Corporation (MHIC). MHIC is able to make low-interest loans due to investments from the City of Boston, Massachusetts General Brigham Hospital, Bar Foundation, The Boston Foundation, Boston Children’s Hospital, Dana-Farber Cancer Institute, Boston Medical Center, Beth Israel Deaconess Medical Center, MHIC, the Eastern Bank Foundation, and Tufts Medicine.