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This is the official investor relations page for the City of Boston. Managed by the city’s Chief Financial Officer and Senior Deputy Treasurer, the City’s Treasury division is responsible for the issuance of all bonds and the City’s investor communications efforts.
About Boston
The City, incorporated as a town in 1630 and as a city in 1822, exists under Chapter 486 of the Acts of 1909 and Chapter 452 of the Acts of 1948 of The Commonwealth of Massachusetts (the “Commonwealth”) which, as amended, constitute the City’s Charter.
The Mayor is the chief executive officer of the City. Mayor Michelle Wu's term began on November 16, 2021. The Mayor has general supervision of and control over the City’s boards, commissions, officers, and departments. The portion of the City budget covering appropriations for all departments and operations of the City, except the School Department and the Boston Public Health Commission, is prepared under the direction of the Mayor.
The legislative body of the City is the thirteen-member City Council. The City Council enacts ordinances and adopts orders, which the Mayor may either approve or veto. Ordinances and orders, except orders for the borrowing or appropriation of money and the reorganization of City departments, may be enacted by the City Council over the Mayor’s veto by a two-thirds vote. The City Council may reject or reduce a budget submitted to it by the Mayor, but the City Council may not increase a budget.
Operating budget and capital plan include landmark investments in street safety, community centers, branch libraries, swimming pools, and school buildings to bolster resources for families
Mayor Michelle Wu today proposed her administration’s proposed operating budget and capital plan for the next fiscal year. The proposal combines new initiatives and deeper investments in existing services to make Boston the best place in the country to raise a family and better serve residents of all generations.
The First for Families Budget includes a proposed Fiscal Year 2024 Operating Budget of $4.28 billion funds all City services, including schools, libraries, public safety, housing supports, parks, senior centers, and street cleaning. It also includes pay and benefits for the City’s 19,000 person workforce.
The Fiscal Years 2024-2028 Capital Plan proposal of $4.2 billion funds the City’s infrastructure investments, including $58 million to improve public ways and public transit, $374 million for school construction and renovation, and landmark investments throughout Boston including a new pool in Charlestown; new libraries in Codman Square, Fields Corner, and Egleston Square; and new community centers in Grove Hall, the North End, Allston, Mission Hill, and Hyde Park.
These investments in Boston families build upon last year’s announcement of $350 million in federal American Rescue Plan Act (ARPA) funds that the City channeled into new housing construction and homeownership programs, support for neighborhood businesses and downtown revitalization, adding more affordable child care seats, clean energy and climate initiatives, and mental health programs.
“Building on our commitment to make Boston the best place in the country to raise a family, this proposal invests in our communities and community centers—in the infrastructure, spaces, programs, and services that support our people and keep our City running,” said Mayor Michelle Wu. “These investments combine new initiatives and expanded services to better serve residents of all generations.”
Mayor Wu also announced that Boston has received a AAA bond rating from both rating agencies, Moody's and S&P Global, for the ninth year in a row. These ratings are a recognition of the City’s strong fiscal management through the pandemic and recovery. The ratings will allow the City to secure the most favorable rates for infrastructure investments to support equity, affordability, and resiliency in every neighborhood.
“Mayor Wu’s proposed budget builds on the City’s critical efforts to deliver for residents across all of Boston’s neighborhoods while maintaining the fiscal responsibility that has positioned Boston as a national model in financial management,” said** Ashley Groffenberger, Chief Financial Officer**. “With the City receiving a AAA bond for the ninth year in a row, the administration is taking a coordinated and fiscally responsible approach to the operating budget, capital plan, and federal ARPA funds that will strengthen the City services and infrastructure serving our residents now and in the future.”
The proposed operating budget and capital plan make investments across four key areas to create new opportunities for residents of all ages; build safer, healthier communities; fund critical improvements to clean, resilient infrastructure; and continue delivering exceptional constituent services.
**Creating intergenerational opportunity **
Ensuring public health and community safety
Supporting a green and growing City
Delivering exceptional City services
The proposed operating budget and capital plan were formally filed with the City Council on Monday.
For more information about the proposals visit http://budget.boston.gov/.
Mayor Michelle Wu yesterday filed an Ordinance establishing the Office of Participatory Budgeting, amending the City of Boston Code. The purpose of this office is to provide the structure necessary to enhance public engagement and direct involvement in the City’s budget. The ordinance requires approval by the Boston City Council.
“Creating opportunities for direct involvement in the City’s budgeting process ensures our residents’ voices and needs are represented in their local government’s departments and programming,” said Mayor Michelle Wu. “I look forward to working with the City Council to establish this office and its oversight board for direct civic engagement to shape our budget.”
This ordinance establishes the Office of Participatory Budgeting, which will include a director and an external oversight board. The Office, working in partnership with the external oversight board, will establish and manage a Participatory Budgeting Process that will be an equitable and binding decision-making process open to all Boston residents during fiscal 2024 and in addition will create another opportunity for residents to both engage with the City’s annual budget process and to make recommendations for projects to include in the budget. The Office will work across departments and agencies, external organizations, and with communities to ensure year-round public involvement and engagement in the City’s budgeting.
Working with the Office, the external oversight board will be tasked with submitting participatory budgeting project proposals to the Mayor for inclusion in the City’s budget. The board will also assist in the creation of a Participatory Budgeting Rule Book, which will outline the policies and procedures for the participatory budgeting process. The Board will be composed of nine Boston residents with varied experience and expertise, including community investment and development, public finance, open space, urban planning, community organization and outreach, affordable housing, public education, public health, environmental protection, and historic preservation. The Mayor will appoint five individuals directly to the oversight board, as well as appoint four individuals to the oversight board from a pool of eight applicants provided to the Mayor by the City Council. Board members will have two-year terms.
In the 2021 Municipal Election, Boston’s voters approved a ballot measure to create an Office of Participatory Budgeting charged with furthering public engagement on how the City’s budget is created and how tax dollars are spent. Ahead of the FY23 budget submission, Mayor Wu worked with the Office of Budget Management (OBM) and Boston City Council to hold a Budget Listening Tour for residents to better understand the budget and to solicit public feedback. The direct feedback was aimed to empower constituents in working alongside the City, and allowed the City to further evaluate where resources might be most equitable and valuable. For those who were unable to attend the series of listening sessions, a budget survey was also available for constituents and residents to weigh in on the city’s future investments. Additionally, recently, in advance of the FY24 budget process, the Office of Budget Management (OBM) in partnership with ONS’ Office of Civic Organizing, hosted budget workshops with groups that were underrepresented during the FY23 winter budget listening sessions to help increase their understanding of the budget process and share how to engage with the City’s budget. For more information, go to boston.gov/budget.
Mayor Wu's proposed investments in homeownership are part of an unprecedented commitment of $380 million to address housing affordability and stability.
Mayor Michelle Wu today highlighted her proposal to invest $106 million to expand opportunities for homeownership for Boston residents, including $60 million through American Rescue Plan Act (ARPA) funds and $46 million in City funds over three years. This proposal builds on Mayor Wu’s commitment to prioritize federal funds to address Boston’s housing crisis and boosts the City’s efforts to close the racial wealth gap by expanding affordable homeownership opportunities for BIPOC households and first-generation homebuyers.
“Homeownership is crucial to building generational wealth and long term stability for families,” said Mayor Michelle Wu. “We have an opportunity to transform what homeownership looks like in Boston. These investments will support existing programs for first time homebuyers, build generational wealth for Boston families, and help bring Boston one step closer to becoming a Green New Deal city.”
The new investments in affordable homeownership were part of Mayor Wu’s first operating budget proposal and federal spending plan, which were formally filed with the Boston City Council earlier this month.
The proposal includes $60 million in ARPA funds to:
In addition, the proposed FY23 Operating Budget includes $3.4 million for homebuyer assistance programs, for a total of $10.2 million over the next three years. These investments are on top of $36 million from other City sources to support MOH’s homeownership development pipeline, which currently includes 312 new income-restricted units across 19 developments, all projected to break ground within the next three years. With additional support from ARPA funds, this pipeline of affordable homeownership units is expected to grow significantly. Together, these funds represent a significant increase in the City’s investment in affordable homeownership programs and production compared to previous years.
The proposed investments in homeownership are part of an unprecedented commitment of $380 million to address housing affordability and stability through the Operating budget, the Capital budget, and federal recovery funds to build and acquire new affordable units, upgrade public housing, and expand housing stability services and an expanded voucher program.
“This significant investment will both increase the stock of affordable properties in Boston and assist families that want to purchase homes in a very competitive market,” said Sheila Dillon, Chief of Housing and Director of Neighborhood Development. “In order to increase generational wealth, stabilize our residents and invest in neighborhoods, it is critical that we make additional resources available for homeownership development and programs.”
“We are thrilled that Mayor Wu and our city councilors understand the needs of thousands of MAHA members and graduates,” said Symone Crawford, Executive Director of the Massachusetts Affordable Housing Alliance. “And I’m proud of our MAHA community leaders who have worked so diligently to make this happen. This is an amazing accomplishment and a strong foundation for all of us to build on.”
“Investment in affordable housing at all levels matters if we are to foster generational wealth,” said Beverly Williams, Executive Team Leader with the Greater Boston Interfaith Organization. “GBIO is proud to celebrate this historic investment in affordable housing that does just that.”
Two programs slated to receive funding from the proposal, the ONE+Boston program and the financial assistance program for first-time homebuyers (FAP), assisted more than 150 households buy homes in the last year. Of those households, 60% were Black, Indigenous or People of Color (BIPOC).
“Dedicating these federal funds to first-generation and affordable homeownership will anchor our families in Boston and help close the racial wealth gap,” said Councilor Kenzie Bok, Chair of the Committee on COVID-19 Recovery. “I’m thankful for the Mayor’s partnership and for all the advocates who have pushed the City of Boston to make this enduring commitment.”
"We know that the lack of financial capital for closing costs and down payments is one of the most significant barriers to homeownership for BIPOC and first-generation homeowners,” said Councilor Kendra Lara, Chair of the Committee on Housing and Community Development. “This level of investment in the FAP and ONE+ program will ensure that we're removing those barriers and creating more opportunities for housing stability through homeownership for Boston residents."
Boston has an overall homeownership rate of 35 percent, considerably less than the statewide homeownership rate of 62 percent. Homeownership rates differ significantly by race and ethnicity, as 44 percent of Boston’s white households are homeowners, compared to 31 percent of Black or African American households, 30 percent of Asian or Pacific Islander households, and 17 percent of Hispanic or Latinx households.
The Mayor’s Office of Housing works to expand access to homeownership by creating and preserving affordable homeownership units and providing financial assistance to aspiring homebuyers, particularly first-generation homebuyers.
The ONE+Boston program was designed to supplement one of the state’s existing affordable mortgage programs (the ONE Mortgage) by providing qualified buyers, based on area median income (AMI), additional discounts on interest rates. With the ONE+Boston program, qualified Boston residents who earn between 80% and 100% AMI will receive a half percent (0.5%) discount rate off the reduced interest rate offered through the ONE Mortgage product (currently about 4.65%). Boston residents who earn below 80% AMI will receive up to one percent (1%) off of the current ONE Mortgage rate. Qualified buyers will also be eligible for downpayment and closing cost assistance through the Boston Home Center.
The ONE+Boston program and the First Generation Homebuyer Program are two of several City resources available to first-time homebuyers in Boston. Through the Boston Home Center, the City’s one-stop-shop for homebuyers and homeowners, residents receive assistance in purchasing, improving, and keeping their home through a suite of resources including training, financial help and counseling to first-time and first-generation homebuyers, guidance and funding for home improvements and efficiency upgrades, and counseling to help families avoid foreclosure. The Home Center also markets homes developed for income-eligible, first-time homebuyers.
These proposals build on Mayor Wu’s initiatives to address Boston’s housing affordability, including filing a Home Rule Petition relative to real estate transfer fees and senior property tax relief, signing an Executive Order relative to affirmatively furthering fair housing, convening a Rent Stabilization Advisory Committee to inform future legislative proposals, and announcing the City’s new Chief of Planning.
For more information about the proposed budget, visit budget.boston.gov. For more information about the proposed ARPA spending plan, visit boston.gov/recover.
The Mayor’s Office of Housing is responsible for housing people experiencing homelessness, creating and preserving affordable housing, and ensuring that renters and homeowners can obtain, maintain, and remain in safe, stable housing. The department develops and implements the City of Boston’s housing creation and homelessness prevention plans and collaborates with local and national partners to find new solutions and build more housing affordable to all, particularly those with lower incomes. For more information, please visit the MOH website.
Mayor of Boston
Chief Financial Officer & Collector-Treasurer
First Assistant Collector-Treasurer
Interim 2nd Assistant Collector-Treasurer & Director of Alternative Finance