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Boston is a city on the move. In the city where free public education began, we have worked to expand its reach from pre-kindergarten to community college. We have tackled a housing shortage by building record numbers of new homes and new affordable homes. We have showed a way forward in police-community relations. We have proved that Boston’s values create value: adding 80,000 new jobs, lifting up small businesses in every neighborhood, and becoming a headquarters city in the global economy. And over the past five years, we’ve seen our revenue grow by over 25% and have secured and maintained AAA bond ratings since 2014.
With the progress taking place in Boston, it is important that we keep our residents and investors updated on all financial aspects of City Hall. On behalf of the City of Boston, I would like to welcome you to our investor relations website. We are committed to financial transparency, to maintaining our strong financial condition, and to continuing to build investor confidence in the Boston credit.
We appreciate your interest and investment in bonds issued by the City, as it allows us to make critical investments in public infrastructure -- investments that are designed to ensure Boston remains the best place in America to live, to work, and to raise a family.
I hope you find this website useful as you seek to better understand Boston’s credit fundamentals. Please do not hesitate to contact our offices with suggestions for how we can make it even more useful to you. Thank you for your interest in Boston, and we look forward to investing in Boston’s future, together.
The City of Boston Administration & Finance Team
Building on a continued effort to promote sustainable and responsible investment, Mayor Martin J. Walsh today announced a commitment of an additional $50 million towards the City of Boston's Environmental, Social and Governance (ESG) Investment Initiative. This commitment brings the City's total investment in the ESG Initiative to $200 million, which will be invested in the short-term fixed income securities (i.e. short-term bonds and notes) of companies that maintain strong corporate ESG practices. Mayor Walsh launched the ESG Investment Initiative last year with an initial commitment of $150 million to encourage sustainable investment policies in Boston.
The City also provided an update on last week's bond sale, in which Boston issued its first ever series of Green Bonds, which will fund energy efficiency projects, and Social Bonds, which will fund affordable housing projects. Based on the results of the sale, in which the City successfully issued green bonds with lower interest costs than their non-green counterparts, Boston believes it has shown the largest and most definitive pricing benefit to date for bonds carrying the green label. The City believes this is an important first step in demonstrating that there is more than a marketing advantage in selling green bonds.
Mayor Martin J. Walsh today announced the launch of three new funds totaling $6.3 million that will support small businesses within the City of Boston that have been affected by COVID-19, focusing on commercial rent relief, supporting certified women, minority, and veteran owned small businesses, and restaurant payroll and rental relief. Since the beginning of the COVID-19 pandemic, the City of Boston has allocated more than $15 million toward direct grants to small businesses.
As the City of Boston continues to lead nationally on urgent climate action, Climate Mayors today announced that Mayor Martin J. Walsh has been named Chair of the coalition of 468 U.S. mayors committed to bold environmental action and upholding the Paris Climate Agreement. In this role, Mayor Walsh will help catalyze efforts to combat climate change at the local level, provide an example of climate action for leaders at all levels of government, and advocate for an economic recovery founded in equity and environmental stewardship. Mayor Walsh succeeds Los Angeles Mayor Eric Garcetti, who founded Climate Mayors, and has also served as the network's Chair since its launch in 2014.