A memorandum of understanding (MOU) has been reached between City Realty and several tenant-advocate organizations, including Jamaica Plain-based City Life/Vida Urbana, according to a press release.
The MOU, which is a legal agreement, states that CRG will not raise Section 8 tenant rent beyond the Housing Authority Payment Standard, which places a cap on cost increases that is tied to Fair Market Rent values determined by the federal government.
CRG had stirred controversy in the neighborhood last year by attempting to evict tenants by means of massive rent hikes, including a popular local restaurant, in an Egleston Square building. That matter was eventually resolved after public protests.
CRG plans to turn 38-42 Hyde Park Ave. into a three-story building with six residential units above a first-floor commercial space was delayed until the MOU was worked out.
“For more than 40 years, City Life has organized to combat predatory housing practices that displace homeowners and tenants in our communities,” said Maria Christina Blanco of City Life/Vida Urbana, according to the press release. “This groundbreaking agreement makes significant strides in ensuring housing will remain affordable for hundreds of Boston area families who rely on Section 8 vouchers—and thousands more stand to benefit as other property owners follow suit.”
The MOU was worked out with the help of City Councilor Tito Jackson and local state Rep. Liz Malia.
“At City Realty, we take pride in providing high-quality residential properties at affordable rates, and nearly half of our residential units are subsidized,” said Josh Fetterman, a director with CRG. “We have renovated, upgraded and de-leaded hundreds of properties in and around Boston, and we view each investment in our community as an opportunity to improve the quality of life and add value to the neighborhoods.”