Boston Sees Building Boom in Subsidized Housing
The City of Boston put much of its $560 million in pandemic-era relief funds into building housing. As a result, Boston has seen more than 6,200 new income-restricted units built or under construction during Mayor Michelle Wu’s first term, the highest level of production in the past 25 years, according to a new report from the city’s Office of Housing. The city also has a higher percentage of subsidized housing inventory than any of its peers in the nation’s 15 largest markets.
The Boston Business Journal reported that the spike in new subsidized homes comes as construction has slowed more broadly in Boston, coinciding with rising construction costs and higher interest rates. However, the federal government’s pandemic aid to the city of Boston is set to dry up by year’s end, the Business Journal reported.
Accordingly, Boston now seeks new funding avenues, Karina Oliver-Milchman, director of policy development and research for the Office of Housing, told the Business Journal.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout