New Housing Update for the Boston Area

An update on new housing in the Boston area

By the year 2030, it is estimated that the Boston population will reach more than 700,000 residents. With such a large number of people looking for accommodations there is an obvious need for new housing in the Boston area. On October 9, 2014, Mayor Martin J. Walsh released Housing a Changing City: Boston 2030, the administration’s housing plan.

Recently, Boston received a $1.35 million innovation team grant from Bloomberg Philanthropies to create a housing innovation lab, which is going to support the Boston 2030 plan. The task of the housing lab will be to research ways for the city and its innovation sector to create new housing in the Boston area.

New Housing in the Boston Area – Boston 2030 Plan

Mayor Martin J. Walsh wants to make sure every individual who wishes to make the city a better and a more successful place should be able to afford to live here. The plan is to create housing across demographics and neighborhoods in every part of the city. The administration’s plan is to build 53,000 new units of housing at different income levels, including:

– 44,000 units of housing for the workforce

– 5,000 units of housing for senior citizens

– 4,000 units to stabilize the market.

With help from Housing Innovation Lab the administration’s housing plan will have an opportunity to partner up with architects, world-leading colleges and universities. The newly created team of experts will operate from the mayor’s office of new urban mechanics and department of neighborhood development. Bloomberg Philanthropies’ innovations teams program is a $45 million dollar project with 12 U. S. cities and 2 International cities participating. Boston will receive it’s $1.35 million grant over the course of the next three years.

If you would like to know more about new housing in the Boston area check back often in the Boston Real Estate News section of our website under Boston Real Estate Categories.

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