BOSTON— Boston Mayor Michelle Wu announced that the City of Boston has acquired and preserved 16 income-restricted apartments at The Hillcrest in Roslindale, securing long-term affordability for residents and preventing displacement at a time of rising housing pressures across the city.
The announcement came alongside major news that First Citizens Bank is contributing $1 million to the Boston Acquisition Fund (BAF), increasing the fund from $13 million to $14 million.
The Hillcrest, located at 237 Cummins Highway, had not changed ownership in more than three decades. With rents roughly 35 percent below the neighborhood average, the building faced significant risk of market-rate escalation when it was listed for sale. Working through the City’s Acquisition Opportunity Program (AOP) and the Boston Acquisition Fund, Boston moved quickly with mission-driven partners to take the property off the speculative market and secure affordability for existing tenants.
“Preserving the Hillcrest in Roslindale shows what’s possible when public and private partners work together,” said Mayor Michelle Wu. “We’re grateful to Lavi Investment for stepping in as responsible stewards of this community and to First Citizens Bank for strengthening the Acquisition Fund with a major contribution that will help us make Boston a home for everyone.”
Lavi Investment LLC, an organization committed to stabilizing naturally occurring affordable housing, received City support through AOP to acquire the building. The Massachusetts Housing Investment Corporation provided a $3.8 million below-market senior loan through the Boston Acquisition Fund, while the Boston Housing Authority awarded an operating subsidy to ensure tenants’ current rents remain unchanged.
“This acquisition ensures the preservation of affordable rents for the families currently residing in the building and for future families who need it most,” said Adler Bernadin, Founder of Lavi Investment. “It reflects our deep commitment to housing stability and equity, and our strong partnership with the City of Boston.”
City officials noted that residents faced real uncertainty when the property hit the market. “Whenever a building goes up for sale, longtime tenants can face real uncertainty about their future,” said Chief of Housing Sheila Dillon. “By removing 237 Cummins Highway from the speculative market, we are ensuring that residents can stay in their community without fear of sudden rent increases or displacement.”
The announcement drew praise from local and state leaders.
“This preservation shows what is possible when the City and our partners work together with urgency and purpose,” said Boston City Councilor Enrique Pepén.
State Representative Rob Consalvo called the acquisition “much-needed,” while State Senator Michael Rush praised the City’s commitment to “meeting the needs of everyday people.”
Major Investment Strengthens Boston Acquisition Fund
The event also celebrated a significant new investment in the Boston Acquisition Fund, launched last year by Mayor Wu to help mission-driven developers acquire and preserve at-risk rental housing. First Citizens Bank’s $1 million contribution brings the fund to $14 million, strengthening the City’s long-term strategy to prevent displacement and preserve affordability through a revolving loan model.
“Our contribution underscores our commitment to building lasting financial stability in the communities where we live and serve,” said Fiona Hsu, Head of Community Development Finance for First Citizens Bank.
The bank joins 10 major Boston employers and philanthropies already invested in the fund, including Mass General Brigham, Barr Foundation, Eastern Bank Foundation, Boston Children’s Hospital, and others.
Boston’s Expanding Preservation Efforts
Since its launch in 2016, the City’s Acquisition Opportunity Program has preserved 1,394 homes, including 789 preserved under Mayor Wu. The program gives mission-driven developers a competitive edge in Boston’s fast-moving real estate market by providing financing tools that ensure buildings remain affordable after acquisition.
Under Mayor Wu, Boston has produced or begun construction on more than 18,000 new homes, launched programs to accelerate affordable development, expanded homeownership opportunities, and implemented new tools to prevent displacement. Recent initiatives—including the Housing Accelerator Fund, Welcome Home Boston, and the Housing with Public Assets initiative—are transforming public land, repurposing vacant buildings, and strengthening long-term neighborhood stability.
The preservation of the Hillcrest demonstrates Boston’s increasingly coordinated strategy: leverage public-private funds, support mission-driven developers, intervene early when buildings go up for sale, and secure long-term affordability before displacement occurs.
As Mayor Wu noted, “This is how we build a city where every resident—across every neighborhood—has access to a stable, affordable home.”
