The City of Boston unveiled a new program Thursday that aims to save 1,500 Boston renters from displacement in its first five years.
The Boston Acquisition Fund will provide developers with low-interest loans to purchase multi-family housing in the city to protect current occupants from being uprooted. The intention of the fund is to stabilize rising rents and stave off speculative investors from buying up rental properties and converting them to pricey condos.
“This innovative solution prioritizes equity, ensuring that residents – especially communities of color – are not pushed out by rising costs or outside investors,” Mayor Michelle Wu said in a statement…