June 29, 2022 Share Email Facebook Boston could be the first city east of the Mississippi River to pioneer a model that allows a trust of organizations to develop, own, and operate multifamily buildings, and preserve them for affordable housing. Thats the situation for a lot of the investor properties because you can get a lot more money if its roommates, right? said Hahnel. The East Boston Neighborhood Trust portfolio: A bold move toward preserving affordable housing JLL-BlueLinePortfolioMap - Advertisement - Latest East Boston News Drivers could face 'multi-mile' backups during Sumner Tunnel closure, officials warn - The Boston Globe June 28, 2023 The units are spread throughout East Boston, a neighborhood that has historically been an affordable place for immigrants and families to call home, but which has seen some of the highest percentage rent increases in the City over the last decade. It's also governed by an operating board, with a representative from both East Boston CDC and Trust Neighborhoods, two housing organization representatives, and a renter. Rep. Adrian Madaro was also able to secure $900,000 in an economic spending bill that was passed, set aside for renovations of the units after the closing of the deal. First inspired by Boston Public Schools students asking for farm visits through the winter of 2019, Eastie Farms geothermal greenhouse has been a multiyear community-driven project. Additionally, Mayor Wu announced the Citys intention to adopt a new, green building code that will strengthen energy efficiency requirements for new construction in Boston. KWNT has continued at a steady rate with its acquisition and renovation work with 18 properties with 20 units of housing. The Bank of New York Mellon Trust Company, N.A. The deal will establish the states first Mixed Income Neighborhood Trust (MINT) and ensure the affordability of these family-sized units in perpetuity. Welcoming the new East Boston Neighborhood Trust. Keeping families and small businesses in a community that is mostly Latino, also attracted the Boston Impact Initiative to the project, said Francisco. In your inbox every Thursday morning. The East Boston Neighborhood Trust portfolio includes 36 separate buildings, creating a perpetual affordable local housing stock of triple-deckers that is well-suited for families, with 3, 4, and even 5-bedroom units. This included City Councilor Gabriela Gigi Coletta, who stepped up to see how she could help. The transactions follow an intense summer of bringing together disparate stakeholders, assembling a complex capital stack, and navigating the challenges of rising interest rates. The executive order aims to remove barriers and make the process for developing affordable housing easier across the city. By Soni Gupta, Associate Vice President, Neighborhoods and Housing. Your feedback is anonymous and we will use it to improve the website. New Hampshire has other plans, Progressive state Rep. Mike Connolly faces a rebuke from Boston's political left, Why recent Supreme Court rulings might not boost Democrats in 2024. rsvp here for in person or virtual attendance. Philanthropists, housing rights advocates, nonprofit staff and elected leaders convened at the Barnes School Apartments in East Boston on Tuesday night, taking a victory lap for successfully completing one of the biggest and most unique housing deals of its kind: the acquisition of the aptly named Blue Line Portfolio. To make the deal happen, the EBCDC needed to raise $50 million to purchase the portfolio at market price, plus money for renovations. Betty Francisco, CEO of the Boston Impact Initiative said, this acquisition, takes housing stock out of the speculative market with the intent purpose of making it permanently affordable.. Were thrilled, were thankful, and were catching our breath. The East Boston Geothermal Greenhouse, the first in Massachusetts, now serves as a hub for community gardening, education, and food production, with a focus on providing access to fresh, healthy, and locally grown produce. The state is trying to build new homes and apartments to address a housing crisis. All rights reserved. Did you find what you are looking for on this page? The trust will serve as a model for incorporating community ownership and governance into housing in gentrifying neighborhoods.. The trust will be governed by a Trust Stewardship Committee, which will include three renters, East Boston Community Developent Corporations Tanya Hahnel, a community organization representative (currently Andres Del Castillo of City Life/Vida Urbana) and two more community organization representatives from PUEBLO and East Boston Social Centers. Since our last newsletter, KWNT has grown its work thoughtfully and energetically in Tulsa. or https:// means you've safely connected to the .gov website. Last month Mayor Michelle Wu announced that the newly created East Boston Neighborhood Trust will acquire 36 multi-family buildings (114 units). This acquisition is a welcome step to combatting displacement in the neighborhood according to housing advocates, city officials and nonprofit leaders. This is a grant-based program supported by $10 million of the American Rescue Plan Act (ARPA) funding to be used to foster energy performance improvements for affordable housing developments. The Urban Institute and Ivory Innovations have us on a panel in DC on November 15, rsvp here for in person or virtual attendance. We got to work at an unprecedented level of collaboration, said Coletta, a lifelong East Boston resident. In the months following GBH News first report on the effort to buy the Blue Line Portfolio, East Boston CDC and other organizations fundraised $2.7 million from nonprofits like The Boston Foundation, Hyams Foundation and Eastern Bank Foundation. Moments to convert Greater Bostons critical stock of housing for long-term affordability dont come along every day. A lock Members of the Tulsa Growing Together team tour the work of the MINT in Kansas City. Share sensitive information only on official, secure websites. The City of Boston has a variety of boards and commissions. A Growing Kendall-Whittier Neighborhood Trust. The EBNT team was able to raise $7.8 million in equity and sub debt to make this $53 million project possible, and was oversubscribed on that raise. Share sensitive information only on official, secure websites. Members go through an application process to ensure they have the expertise and passion for serving. Its just not the waterfront thats driving up prices. The purchase is part of the Acquisition Opportunity Program (AOP). The program will significantly reduce the energy consumption and carbon footprint of Bostons existing affordable housing. Im grateful to the Mayors Office of Housing for their leadership and look forward to accelerating our efforts for affordability across our neighborhoods.. Hahnel said the second part of the MINT model differs from a traditional LLC structure. In addition to a City deed restriction which will ensure that the units are income restricted in perpetuity, this new model empowers the local community to address displacement by placing governance, ownership, and management in the hands of a community trust. So there isnt a lot of capital thats specifically focused on anti-displacement efforts., The money was raised and the portfolio was closed on in October. Your feedback is anonymous and will not receive a response. Do you have anything else you want to share about your experience? Your feedback is anonymous and will not receive a response. Copyright. In September, in partnership with East Boston Community Development Corporation (EBCDC) and a diverse group of other stakeholders, we formed the East Boston Neighborhood Trust (EBNT), which immediately acquired 36 buildings with 114 family-sized units to be managed at a mix of incomes. These projects will provide affordable rental housing for seniors and couples aged 62 years and older, with on-site supportive services and care centers. Protected: East Boston businesses that received relief funds from City. This began with inclusion of the MINT in the Mayors Housing Plan and has advanced to presentation to the full City Council. But with mass development comes mass displacement. First of all, thank you to EBCDC, and especially Tanya Hahnel there, who have been incredible partners to work with, along with the impressive tenant organizers at City Life / Vida Urbana, earliest investors at the Boston Impact Initiative, and great teams at the City of Boston, Eastern Bank, Goulston & Storrs, and Klein Hornig. NENT is also closing soon on a second round of equity funding totaling $1.7 million and has continued a steady set of impactful acquisitions and renovations. This has included four multilingual workshops with residents, complete with dinner and thoughtful discussions as residents have written their Purpose Agreement for CFNT. Do you have anything else you want to share about your experience? GBH News brings you the stories, local voices, and big ideas that shape our world. Democrats want South Carolina to lead 2024 primaries. The funds will be distributed among 14 nonprofit organizations that provide critical services and support to Bostons unhoused residents and advance Mayor Wus goals to end homelessness in the city. that created a Mixed-Income Neighborhood Trust (MINT) to acquire and manage 114 units of affordable and workforce housing for persons with below median income at a time when housing stabilization is desperately needed in the City's most at risk districts for . Stream GBH's Award-Winning Content For Parents And Children. Across the state there are a lot of businesses of color being impacted by gentrification by developers coming in right and saying, Were gonna redevelop an entire building or area and it pushes out local small businesses that are the heart of many neighborhoods, said Francisco. Since 1970, the CDC has worked to improve the lives of low income residents in East Boston. Of the 114 units, 28 units are restricted as low income units for households at 50% Area Median Income (AMI), 40 units will be restricted at 60% AMI, 26 units restricted at 80% AMI, and 20 units will be restricted at 100% AMI. The CDC worked with Trust Neighborhoods to find equity impact investors to back the project. Courtesy: Lydia Edwards This is a good day and celebratory moment for my neighbors in East Boston. Neighborhood Housing Trust Fund. Access your account here or call 1-800-646-3110. Special to the Times-Free Press. The acquisition of 36 properties, containing 114 apartment units, by the newly formed East Boston Neighborhood Trust. Your feedback is anonymous and we will use it to improve the website. Mayor Michelle Wu said the project will alter the course of how we think about the possibility in Boston, of using every tool at our disposal with every partner available to ensure that in perpetuity, were putting our resources into the communities hands in the model that will ensure that our neighbors, our residents, our family members can afford to stay.. And our in-house Bank Card department is here to provide friendly, personalized service when you need it. Waves of immigrants over the past two hundred years have made East Boston their first, and sometimes permanent, home. Read our guide if you are interested in applying. Over the summer when city council members were reviewing ways to use American Rescue Plan Act (ARPA) funding to combat the effects of COVID-19, Coletta saw this project as a fit for the funding. What weve tried to do is make East Boston continue to be the welcoming community that it was, said Caldarelli. A copy the Foundations organizational documents, application for exemption, letter of determination and bylaws are available and may be requested during regular business hours at the Foundations office. With your support, GBH will continue to innovate, inspire and connect through reporting you value that meets todays moments. Current members. Boston contributed $12 million to the purchase, taking millions from the citys Acquisition Opportunity Program, which helps with buying and converting small buildings into affordable housing, and additional funds from federal pandemic relief funds under the American Rescue Plan Act. Protected: East Boston businesses that received relief funds from City. Contact our help line 24/7 at 1-800-951-6235. Lorene@ebfoundation.com / (617) 561-6336 / 245 Sumner Street - Suite 110, East Boston, MA 02128 The East Boston Foundation is a not for profit organization recognized under Section 501(c)(3) of the Internal Revenue Code. Loan options as low as 0%-5% down 1. Each work with internal departments and the public to serve the City. The City will allocate this federal HUD funding to organizations that offer a range of services and supports including housing search, the creation of housing for people experiencing long-term homelessness, rapid re-housing funds, and stabilization services to allow newly housed households and long-term-homeless individuals to receive the support they need to succeed. (EAST BOSTON- January 21, 2023) A long-sought goal of preserving affordable housing in East Boston just became easier thanks to an innovative, collaborative project made possible by multiple players. In 2022, BII provided a term loan for the project. The goal of the AOP is to allow affordable housing developers and nonprofits to fight displacement by acquiring units in the private market and securing affordable rents for current and future residents for the long term. All rights Reserved. However, with the rapid development of the East Boston waterfront over the last two decades, working families have been priced out of the neighborhood. The Mayors Office of Housing joined the Fenway Community Development Corporation (CDC) and neighborhood residents to celebrate the groundbreaking of Burbank Terrace Apartments, which will bring 27 new units of income-restricted housing to the East Fens. The funding for these projects will help to ensure that senior residents have access to safe, affordable housing and the necessary supportive services for them to age in place. As tenants move out, the properties will be renovated and income eligible families will move in. ( The foundation was formed in 1998 to administer a generous $9.6 million commitment from the Massachusetts Port Authority as part of community mitigation andto offset the impacts associated with Massport's $4.4 Billion Logan Airport Modernization Program. If you need help with a non-emergency issue or question, November 2022: Latest Updates from the Mayor's Office of Housing. The units are spread throughout East Boston, a neighborhood that has historically been an affordable place for immigrants and families to call home, but which has seen some of the highest percentage rent increases in the City over the last decade. Subscribe for free to receive new posts and support my work. This neighborhood embodies the specialness of our city, a place where everyone can come, generation after generation see themselves welcomed and reflected. EastBoston.com and Frank Conte, 2021, East Boston\'s First Website for News Aggregation. The units in the portfolio that were vacant are now in the process of being renovated. ) On March 22, Mayor Michelle Wu joined Eastie Farm employees and volunteers, the Mayors Office of Housings GrowBoston Office of Urban Agriculture, local elected officials, and residents to celebrate the Grand Opening of the new Eastie Farms Geothermal Greenhouse. Join us. Did you find what you are looking for on this page? And see a better life for their kids, Wu said. Theyre reflecting the culture of the neighborhood, theyre providing a service or a product thats culturally relevant, and theyre getting pushed out. Photo courtesy of JLL. The newly formed East Boston Neighborhood Trust bought a portfolio of 36 mostly triple-decker buildings for $47 million in October, with the goal of keeping them affordable. East Boston Neighborhood Trust is a real estate project in East Boston, Mass. Easton works proactively to maintain "safe harbor" from unsolicited 40B developments. Because this was the first of its kind model, there was some skepticism, said Coletta, But we were able to break it down.. Building on the City of Boston's commitment to expanding affordable housing in Boston, Mayor Michelle Wu announced the acquisition of 36 multi-family buildings comprising a 114-unit housing portfolio by the newly created East Boston Neighborhood Trust. The Advisory Board is made up of environmental advocates, farmers, gardeners, and urban agriculture stakeholders and will provide critical insight based on their varied expertise and connections in the community, give GrowBoston feedback on programs, and assist with outreach to stakeholders. This new model brings in socially minded investors and philanthropic institutions, and wouldnt have been possible without the Mayors Office of Housings unwavering support., For many years, families in East Boston have been fighting to stay in their homes and live their lives in peace, without constant fear of displacement or deportation, said Mike Leyba, Co-Executive Director of City Life / Vida Urbana. Housewarming at the Kendall-Whittier Neighborhood TrustPartners and neighbors toured a newly renovated KWNT home (and shared paletas) this summer. One Boston Place Boston, MA 02108-4408, United States +1 617 722 7000. ( The order directs the Boston Planning and Development Agency (BPDA) to recommend changes to Article 80 of the Boston Zoning Code to establish an alternative path for the review of affordable housing developments. As an East Boston native, Al Caldarelli, the CDC's president and executive director, has seen the neighborhood change over decades. Competitive mortgage rates. Members go through an application process to ensure they have the expertise and passion . The Central Fresno Neighborhood Trust went in front of the Fresno City Council, and the newly-formed East Boston Neighborhood Trust acquired 114 apartments in 36 buildings, growing community-accountable ownership in the already gentrifying neighborhood. As Boston continues to grow, we are moving urgently to ensure that all of our residents and families have access to safe, affordable housing, said Mayor Michelle Wu. During her campaign for city council last year she stressed the importance of affordability and the difference it made in her life. The greenhouse will grow a variety of crops, including vegetables, herbs, and fruits, and will distribute the produce to local residents, businesses, and community organizations year-round. P.O. Mayor Wu recently signed an executive order designed to speed up the production of affordable housing. The MINT model places governance and control of the portfolio in the hands of a local purpose trust, while financial investors hold the economic interest in the portfolio. Since 1970, the CDC has worked to improve the lives of low income residents in East Boston. One of the acquired properties in East Boston. The Urban Institute and Ivory Innovations have us on a panel in DC on November 15, // Oct 12, 2022 // City of Boston and East Boston Neighborhood Trust announce acquisition and expansion of affordable housing in East Boston, // July 11, 2022, Finalists for the 2022 Inman Innovator Awards, // July 7, 2022 // Housing Lab 2021 Cohort: Meet Trust Neighborhoods [ video ], // June 29, 2022 // New East Boston affordable housing effort would be the first of its kind on the East Coast, // June 29, 2022 // Slaying gentrification [ podcast ], // June 16, 2022 // Residents owning their local economy, // Spring, 2022 // New models for just development in the housing market, // May 3, 2022 // Why Mixed-Income Neighborhood Trusts can help build wealth and opportunity, // April 30, 2022 // Utah competition seeks big solutions to affordable housing, // April 21, 2022 // Ivory Prize top 10 finalists renew hope in a vibrant American dream. Workshopping a PurposeBen and Kavya work with the CFNT Resident Task Force on the Purpose Agreement as part of CFNT formation workshops. The $47 million acquisition was made possible by a $12 million investment by the City, including $9 million from the American Rescue Plan Act (ARPA), $2 million from the Cares Act, and $1M in Inclusionary Development funds. Deal will create states first Mixed Income Neighborhood Trust, establishing affordability of 114 units in perpetuity. LISC through its Kansas City office has provided new grant support, and Kataly came on as a new donor earlier this year. This executive order aims to reduce that time in half. We hope to carry this appetite for investing in these projects as we bring MINTs to scale with neighborhoods across the country. Your feedback is anonymous and we will use it to improve the website. or https:// means you've safely connected to the .gov website. Its work is also expanding with a pending $2 million follow-on equity raise. The deal will establish the states first Mixed Income Neighborhood Trust (MINT) and ensure the affordability of these family-sized units in perpetuity.
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