East Boston Neighborhood Trust
With East Boston Community Development Corporation (EBCDC) & City Life / Vida Urbana
In 2022 we partnered with a longstanding neighborhood Community Development Corporation, East Boston CDC (EBCDC) and tenant organizing group City Life / Vida Urbana (CLVU) to form the East Boston Neighborhood Trust (EBNT). We supported EBCDC and CLVU in setting up EBNT to acquire and renovate a portfolio of 114 units of housing in 36 buildings within the East Boston neighborhood. Working closely, our partnership team was able to structure the MINT as a meaningful new institution that brought the capacity and experience of East Boston CDC’s housing work together with the deep tenant ties of CLVU, investments from family offices and local investors, support from the City of Boston, and a set of neighborhood stakeholders that are overseeing the renovation and stewardship of these units to serve anti-displacement. EBNT has been particularly impactful in supporting the predominately immigrant community of East Boston, a neighborhood that has already experienced displacement of legacy families from rising rents. With this initial acquisition and due to support from the City of Boston, EBNT was able to not only preserve, but lower rents across much of its portfolio and establish a long term meaningful mix of incomes to serve as a bastion of anti-displacement in the neighborhood.
EBNT has renovated all of its properties, and has already helped dozens of households find a safe, affordable, healthy home in the neighborhood. EBNT serves many families with a high number of 2, 3, 4, 5, and even a 7 bedroom home among its 114 units.
KEY PRIORITIES
Secure a substantial amount of family-sized affordable housing in a rapidly developing market; especially family sized units
Renovation and de-leading units for children and families
Community governance between a CDC, tenants group and other rooted community organizations
