East Boston Community Development establishes a neighborhood trust to preserve affordable housing and received $8 million in financial assistance from the Boston Impact Initiative and local social justice groups
In cities like Atlanta, Los Angeles, Portland and Tulsa, local organizations are working with the nonprofit Trust Neighborhoods to preserve housing affordability in fast-gentrifying neighborhoods, where low- and moderate-income residents face rising rents and displacement.
A new Mixed-Income Neighborhood Trust in East Boston has acquired 114 units across 36 multifamily that will be preserved as affordable for current and future residents in the long term. East Boston Community Development Corp. created the trust with $8 million in financial assistance from the Boston Impact Initiative, local social justice group City Life/Vida Urbana, the Hyams, Boston and Eastern Bank foundations, and private individuals.
By Roodgally Senatus, ImpactAlpha
