By: Dees Stribling
A lot's at stake in the upcoming election, and not just in the covered-to-death national race, but locally, such as funding for affordable housing in Boston. Hear more about it from our expert speakers at the Boston Affordable Housing event at The Ritz-Carlton Boston tomorrow (Sept. 28).
Inquilinos Boricuas en Acción (IBA) CEO Vanessa Calderón-Rosado, who will be a speaker, tells us developing affordable housing in the city will remain a great challenge, especially in hot markets like the South End, Downtown and the Seaport Districts. Even so, she says, "I’m confident that with the passing of the Community Preservation Act this November, many of the economic challenges will ease up as more funds and more flexibility will be available for affordable housing development."
Enacted in 2000, the CPA statute allows communities to create a local Community Preservation Fund for open space, historic preservation and affordable housing. Community preservation funds are raised locally, through a surcharge of the tax levy against real property of up to 3%. Municipalities must adopt CPA by ballot referendum. This year, a number of communities have CPA on the ballot for a Nov. 8 vote, but none more potentially impactful than Boston, which would levy a 1% surcharge if passed. The last time it was on the ballot, in '01, the measure lost; but this time it looks like a win. Also up for a vote this year are Chelsea, Danvers, Norwood, Pittsfield and Watertown, among other municipalities.
It's not too late: sign up here for our Boston Affordable Housing event at The Ritz-Carlton Boston, beginning at 7:30am tomorrow (Sept. 28). Come for the breakfast, stay to be informed.