By Laura Calugar, Multi-Housing News
February 15, 2019
Five years ago, Boston Mayor Martin Walsh released a comprehensive plan designed to address the housing needs of the city’s growing population. Local authorities talked about the necessity to create 53,000 new units of housing for various income levels by 2030. In 2018, the figures were updated because the population was growing faster than expected—Boston’s housing production goal increased to 69,000 new units.
Looking at statistics and the affordable housing landscape nowadays, the target seems tough to achieve. According to Yardi Matrix’s latest Boston multifamily report, in the first seven months of last year, only about 300 units of the total 2,663 apartments that came online were affordable. The abundance of luxury units, rising construction costs and limited housing subsidies have been shrinking the affordable housing inventory since 2003.
John Fraser, an experienced specialist that recently joined Community Preservation Partners (CPP) as senior project manager, agrees that affordable housing demand in Boston is severely outpacing supply. Fraser has extensive knowledge in working with state and local governments to source low-income housing tax credits.
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