Affordable housing at the 60 unit Mercantile Wharf Building has been re-established for North End/Waterfront residents when an agreement was made by the City of Boston Housing Authority and investors in building located off Atlantic Avenue.
Since 2018, the provisions governing the housing expired placing the complex and tenants in jeopardy of losing its affordability when units became vacant or re-rented at market value prices.
Back in the 1970s, the investment owners received a subsidize grant through the 13a mortgage program, when designated conditions, property owners could secure low-interest loans in exchange for providing below-market rates to tenants.
“Preserving affordable housing is a top priority for my administration,†Mayor Martin Walsh said.
In 2018, many local officials, neighborhood organizations and residents rallied to support tenants living in the building.
State Representative Aaron Michlewitz, Senator Joe Boncore, NEWRA, NEWNC, NEAD and other organizations came to the plate to save these housing units for local residents.
The agreement keeps existing tenants from being displaced and maintaining units for low-income future tenants.