Wu Announces $110M Boston Housing Accelerator Fund
Boston Mayor Michelle Wu will file a $110-million appropriation to create the city’s Housing Accelerator Fund at the next City Council meeting on Dec. 4. The new fund is intended to kickstart the production of housing by closing financing gaps for projects that have approvals in place but have been unable to start construction.
The Housing Accelerator Fund is supported by unrestricted prior-year budgetary fund balance, and the city’s investment will be matched by the Commonwealth’s Housing Momentum Fund. Wu made the announcement at the Bunker Hill Redevelopment in Charlestown. The mixed-income units already permitted through the Boston Housing Authority’s public-private partnership with Leggat McCall Properties at Bunker Hill will be the first project to benefit from the fund.
“Boston’s housing crisis is the biggest stress on families across our neighborhoods, so we need to do everything possible for more housing and more affordability,” said Wu. “Our Housing Accelerator Fund will wisely use city dollars to jumpstart new projects and then return those funds back to the city once the projects are financed, supporting public-private partnerships for housing, private development and home ownership.”
Pictured: The Bunker Hill redevelopment in Charlestown.
