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BOSTON
- June 24, 2024 - Mayor Wu and Governor Maura Healey today announced the
extension of the City of
Boston’s Office to Residential Conversion Program with
added funding from the state. The state will offer $15 million in funding
to incentivize larger-scale office buildings to convert to housing, which
often can be more costly due to the complexity of the projects. The state
funding would fund up to $215,000 per affordable unit with a cap of $4
million per project. The City’s program application deadline will be
extended to December 31, 2025.
The
pilot, which formally launched in October of 2023, has so far received nine
applications to create a total of 412 units of housing across 13 buildings
and convert 403,000 square feet of office space to residential space,
exceeding initial city goals. Two of those projects that applied to the
program last fall have been formally approved by the BPDA Board and will
begin construction later this summer. Staff expects to see an additional
300-500 units of housing realized by the extension of the program. Projects
that demonstrate readiness to proceed with their application and
construction will be prioritized for funding.
"As
we work to make Boston a home for everyone, our office to residential
program will create more housing and more affordability in Boston,”
said Mayor Michelle Wu. “This investment from the State will
support our efforts to incentivize lenders, property owners, and downtown
stakeholders to increase housing production in our downtown area. I'm
thankful to Governor Healey and all of our partners for their efforts in
ensuring Boston's growth meets the needs of current and future residents.”
"Our
administration is committed to supporting municipalities in their efforts
to convert underutilized office space into housing, which is a critical
tool for increasing housing availability and lowering costs,” said Governor
Maura Healey. We are proud to support the City of Boston's Office to
Residential Conversion Program with an investment that we expect will
create hundreds of new housing units."
The
Office to Residential Conversion Program provides a payment in lieu of
taxes (PILOT) incentive to developers who will be converting office spaces
into residential units. The goal of this program is to support owners and
developers of older commercial office building spaces in converting them to
residential units, while also increasing the housing stock in Downtown
Boston. The program is also designed to respond to post-pandemic economic
shifts that will prioritize expanding housing options downtown and improve
downtown activation. With this increased funding from the state, the city
will be able to catalyze office-to-residential conversions and utilize an
expedited permitting process to meet the urgent need for these
conversions.
“This
infusion of funding will significantly bolster, and help us to scale up
this program,” said Chief of Planning for the City of Boston Arthur
Jemison.” I want to thank Governor Healey and all of our state partners
for their commitment to this program, and to Mayor Wu for her support as
well. Our staff has worked hard to ensure continued success with these
conversions, and we are seeking the best ideas and innovations to help
guide our thinking to expand and extend the program over the coming year.”
“Today's
announcement is a testament to Governor Healey’s commitment to jumpstart
housing production now," said Housing and Livable Communities
Secretary Ed Augustus. "The Executive Office of Housing and
Livable Communities is proud to be able to help support the extension of
Boston's office conversion program, which adds much-needed housing for the
region while giving underutilized and sometimes empty buildings new life.
This is good for housing, the environment and our economy.”
The
application will remain open through Dec 31, 2025 with approvals given on a
rolling basis. Applicants to the program would commit to pull a full
building permit and start construction by Dec 31, 2026 in order to get
these much needed units built as fast as possible.
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