Asian Community Development Corporation (ACDC), a community-based organization serving Greater Boston, recently announced their purchase of 64-68 Beach Street, a six-story building with a ground-floor restaurant and 14 residential units located next to the iconic Chinatown Gate. Initially built in 1910, ACDC purchased 64-68 Beach Street from the Lau Family, which owned the building for many decades. The acquisition was made possible with funding from the Mayor's Office of Housing (formerly Department of Neighborhood Development,) BlueHub Capital, and Local Initiatives Support Corporation (LISC) Boston.
This is the first time that an organization has bought an occupied building in Chinatown to maintain affordability and prevent displacement for the residential and commercial tenants.
"Chinatown buildings like this house restaurant workers and other low-wage workers. We've seen buildings like this sold to investors, who then displace the tenants. This is the first time ACDC has successfully purchased and preserved a privately owned property. We hope to do more projects like this to prevent displacement in Chinatown," said Angie Liou, Executive Director of ACDC.
"We are pleased that the City was able to help preserve this housing in Chinatown," said Sheila Dillon, Chief of Housing for the City of Boston. "These 14 units of income-restricted housing in this vital downtown location will help working families. We are glad to support the ACDC in their work to purchase and preserve housing that is so critically needed in the city and look forward to working with them on future acquisitions."
"LISC is pleased to support ACDC's landmark acquisition of this Chinatown property," said Karen Kelleher, Executive Director of LISC Boston. "Its quick action to purchase this property, with the City of Boston’s substantial support, will prevent displacement of Chinatown residents, improve their homes, and ensure this building is affordable for years to come.”