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Boston committee advances plan to accept $500,000 for Commercial Acquisition Assistance Program
Summary
The City’s planning committee heard April 3 about accepting $500,000 in Neighborhood Development/REDA funds to seed the Commercial Acquisition Assistance Program, which would provide down‑payment assistance and technical support to help small, owner‑occupied businesses buy their storefronts and stabilize commercial corridors.
Boston City Council’s Committee on Planning, Development and Transportation on April 3 received a briefing on a request to accept and expand $500,000 in Neighborhood Development funds awarded by the Boston Redevelopment Authority to seed the Commercial Acquisition Assistance Program (CAP).
Chair Councilor Sharon Durkan opened the hearing, which featured presentations by Donna Right, Interim Chief of Economic Opportunity & Inclusion, and Filomena, CAP’s senior advisor. Officials said the funds would be administered by the Office of Economic Opportunity & Inclusion and used largely to form a down‑payment assistance pool that can be structured as a five‑year forgivable loan to bridge upfront equity gaps in commercial property…
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