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Planning officials describe office‑to‑residential pilot and $110 million Housing Accelerator Fund
Summary
Department leaders updated the committee on the pilot office‑to‑residential conversion program, early application numbers and barriers, and the status of the mayor’s $110 million Housing Accelerator Fund.
The Planning Department described a pilot effort to convert underused downtown office space to housing and provided an update on the Housing Accelerator Fund announced by the Mayor.
Kairo Shen, Chief of Planning, told the Ways and Means committee that the office‑to‑residential pilot has attracted early interest. “We have already had 15 applications, that will generate 760 some units, over 20 buildings and convert over 600,000 square foot of underutilized and unused office space to new residences,” Shen said. Department staff told councilors the conversion effort faces technical and cost barriers: deep office floor plates, egress and plumbing challenges, and the need for vertical chases, all of which raise conversion costs compared with some hotel‑to‑housing conversions.
Devon Cork said conversions remain viable in many cases but that the city has adjusted eligibility to allow master leases with institutions and other partner arrangements to qualify for incentives. Cork also reminded the committee that inclusionary requirements apply to conversion projects: “For small project at 17% and for projects that are larger at 20% is required,” she said, describing the baseline inclusionary zoning requirements that apply to conversions.
On the Housing Accelerator Fund, Shen said the mayor allocated $110,000,000 to the fund and stated in the hearing that “50 of which 50,000,000 of the hundred and 10,000,000 are allocated and, for market rate housing projects.” Department staff said the program is being run in partnership with MassHousing and that underwriting and selection of initial awards for rental projects is underway; staff expected an initial set of awards in the coming weeks and anticipated awarding the full fund over the year.
Councilors pressed for more detail on how accelerator funds are split between rental and homeownership, on underwriting of applications, and on long‑term affordability protections for units produced with incentives. Devon Cork and Theresa Palhimus said some program components are being administered with MassHousing and the Mayor’s Office of Housing and that the department will provide additional written detail about allocations and underwriting.
