In Boston, the housing shortage crosses all price points and neighborhoods — so when rare three-to-five-bedroom apartments become available, market-rate developers are eager to transform them into luxury condominiums. In the process, they price out local families. Mission-driven developer Adler Bernadin is stepping in to preserve affordability.
Bernadin was touring a property in Roxbury with multi-bedroom units when the seller mentioned he owned two similar buildings on the same street — and that most of the units were occupied by residents with Housing Choice Vouchers (Section 8). Bernadin was immediately interested; he wanted to keep those families in their homes. As he notes, “Being displaced would be a huge challenge for them. It’s hard to find affordable housing for one person — if you have a large family, it could be almost impossible.” Bernadin set to work.
Bundling two Roxbury properties with two others from the sellers’ portfolio — one of which is located behind the house Bernadin grew up in — he negotiated a purchase and put together financing with help from BlueHub Loan Fund. To prevent any future displacement of tenants, Bernadin took steps to ensure the rents remain affordable in perpetuity. Now, these properties have gone from being naturally occurring affordable housing to being permanently restricted to families earning 60%-80% of the area median income, giving his tenants true housing security.
In Boston, the housing shortage crosses all price points and neighborhoods — so when rare three-to-five-bedroom apartments become available, market-rate developers are eager to transform them into luxury condominiums. In the process, they price out local families. Mission-driven developer Adler Bernadin is stepping in to preserve affordability.
Bernadin was touring a property in Roxbury with multi-bedroom units when the seller mentioned he owned two similar buildings on the same street — and that most of the units were occupied by residents with Housing Choice Vouchers (Section 8). Bernadin was immediately interested; he wanted to keep those families in their homes. As he notes, “Being displaced would be a huge challenge for them. It’s hard to find affordable housing for one person — if you have a large family, it could be almost impossible.” Bernadin set to work.
Bundling two Roxbury properties with two others from the sellers’ portfolio — one of which is located behind the house Bernadin grew up in — he negotiated a purchase and put together financing with help from BlueHub Loan Fund. To prevent any future displacement of tenants, Bernadin took steps to ensure the rents remain affordable in perpetuity. Now, these properties have gone from being naturally occurring affordable housing to being permanently restricted to families earning 60%-80% of the area median income, giving his tenants true housing security.
