BlueHub Loan Fund Joins Boston Medical Center and New Collaborative to Create Affordable Housing and Jobs in Underserved Neighborhoods
BlueHub Loan Fund is part of a new, diverse collection of institutions in Boston working to create and preserve affordable housing and provide job training services in the Dorchester, Roxbury and Mattapan neighborhoods.
The Boston Opportunity System (BOS) Collaborative will receive a $5 million philanthropic investment from JPMorgan Chase as part of its AdvancingCities initiative to establish neighborhood-based training strategies for 1,100 residents of color, and fund 250 new and preserved affordable housing units in historically underinvested Boston neighborhoods, including Black and Latinx communities.
Boston Medical Center, the lead organization, heads up a diverse group of organizations, including BlueHub Loan Fund, Boston Children’s Hospital, Brigham and Women’s Hospital, Health Resources in Action, the City of Boston, Dudley Street Neighborhood Initiative, Action for Equity, and Jewish Vocational Services.
The BOS Collaborative will work to help strengthen recovery efforts in Boston and address the needs of Black and Latinx communities, which have suffered disproportionately both from the COVID-19 pandemic and generations of disinvestment.
With the support from JPMorgan Chase, the BOS Collaborative will shift how cross-sector anchor institutions approach place-based hiring, purchasing, and investing, to create enduring opportunities for Boston’s Black and Latinx communities. The collaborative will deploy below-market rate capital to create affordable and permanent supportive housing, adopt new hiring and retention policies that connect residents to better paying jobs at the anchor institutions, and promote state and federal policies that help residents, such as increased state rental vouchers for tenants of acquired properties, or expanded Medicaid funding for onsite supportive services.