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n a bold move to combat the affordable housing crisis in Massachusetts, First Citizens Bank has pledged $1 million to support The Neighborhood Developers (TND) in their mission to preserve community stability. This strategic investment will be managed by Opportunity Communities (OppCo) through its newly established Housing Accelerator Fund.
The fund's primary objective is to provide crucial financing for community developers, enabling them to acquire and develop affordable housing at favorable rates. By doing so, OppCo aims to bolster the capacity of these organizations to produce and preserve affordable housing in an environment where rising property prices threaten low- and moderate-income residents with displacement.
"Rising prices are outpacing demand for affordable housing in Greater Boston," said Kathy McGilvray, CEO of OppCo. "Our member community developers face significant challenges in keeping up with the pace of development. This fund offers a vital lifeline by providing low-cost capital to support their efforts."
TND will direct the funds towards expanding its anti-displacement initiatives, enhancing its capacity to acquire, develop, and preserve affordable housing. By doing so, they aim to address the growing affordability crisis in one of the nation's most expensive housing markets.
Fiona Hsu, Head of Community Development Finance at First Citizens Bank, emphasized her company's commitment to tackling the affordable housing crisis. "We recognize the urgent need for affordable housing units in Massachusetts and are dedicated to investing in their financing through our CDFI/CDC partners," she said. "Our partnership with OppCo is a crucial step towards building sustainable, thriving communities."
This collaboration marks a significant milestone in the effort to preserve affordable housing and prevent displacement in Greater Boston. As property values continue to rise, initiatives like this are essential to ensuring that long-time residents remain an integral part of their communities.
