The city of Boston is exploring how to create a $100 million fund to invest in permitted housing projects, Mayor Michelle Wu told the city’s business elite Wednesday morning.Money for the fund would come from the city’s free cash balance.The first project to benefit from the “Housing Accelerator Fund” will be a 265-unit building in Leggat McCall Properties’ redevelopment of the Boston Housing Authority’s Bunker Hill public housing project in Charlestown, according to a fact sheet released by the mayor’s office.“By investing alongside private capital, we’ll be able to accelerate the production of housing, and use our return on these investments to reinvest in future projects,” Wu said in her annual speech to the Greater Boston Chamber of Commerce. “We’re also going to explore whether this will work for other mixed-income, public-private partnerships and for fully-private projects, as well, that could complement the state’s Momentum Fund.”
Source: Wu Pledges $100M ‘Housing Accelerator’ Fund – Banker & Tradesman
