Elaine

Arx Urban acquired a newly-constructed, transit-oriented, 27-unit apartment community in Mattapan and partnered with the City of Boston’s Department of Neighborhood Development as the first private developer in its Acquisition Opportunity Program. The program aims to increase the share of Boston’s affordable rental housing stock that is protected from market forces and to prevent displacement of tenants threatened by rapidly increasing rents.

The Acquisition Opportunity Program allowed Arx Urban to retroactively income-restrict 100% of the units in this previously market-rate building; 11 units are income-restricted for families earning up to 60% of AMI and 16 units are income-restricted for families earning up to 100% of AMI.