Acquisition Opportunity Program
The City of Boston Mayor’s Office of Housing administers the Acquisition Opportunity Program. This program offers developers the opportunity to pre-qualify for a set amount of funding, up to $75,000 per unit. These potential buyers can then become more competitive in the real estate market.
To pre-qualify for the program, development teams must show:
• they have the experience and finances to take part in a project, and
• have the experience to operate properties long-term.
Property owners must:
• keep the tenancies of residents in good standing
• keep affordable rent levels for the units in the property for at least 50 years
• agree to set aside at least 40 percent of the units for low- and moderate-income families
• have investor-owned rental properties that are fully or partially occupied, and
• agree that no tenant in good standing will be displaced from their unit.
Sources
- https://www.boston.gov/housing/acquisition-opportunity-program
- https://nextcity.org/urbanist-news/boston-wants-to-flip-more-market-rate-apartments-into-affordable-housing
Last updated: Nov. 8, 2024
Program details
City: Boston
Program geography: City
Entities involved: City Government
Market Category: High Cost Market Resources
Tool Category: Capital and Incentives for Responsible NOAH Owners, Tools for Mission Driven Owners
Tool Description: Acquisition Financing, Subsidy Funding
Year started: 2016
Building type: 3 units or more
Target tenants: at or below 50% AMI, at or below 60% AMI, at or below 80% AMI
Affordability restrictions: Yes. At least 40 percent of the units for low- and moderate-income families for 50 years
Funding description: $7.5 million of Inclusionary Development Policy Funds
Funding sources: City Funding