The City of Boston and Arx/Urban celebrated the latter’s acquisition of 43 units of housing at 4236 Washington St. in Roslindale, now known as Parkside on Adams, for affordable housing.

The site, which also houses the Roslindale Village Main Street (RVMS) Office, will have rents capped based on income limits, with 22 apartments at 60 percent area median income (AMI) and 21 apartments capped at 80 percent AMI. As part of the acquisition, which was done through the City’s Acquisition Opportunity Program (AOP), no current resident at the site will be displaced, and rent increases will be capped at 2 percent per year.

The AOP is a fund that lends out to affordable housing developers and is partially funded itself by investment through the Boston Acquisition Fund (BAF) and is administered by the Massachusetts Housing Investment Corporation. Arx Urban used the AOP to acquire the site from its former owners and therefore keep the building affordable.

The BAF serves as a public-private revolving loan fund that acts as investment platform for businesses and nonprofits to contribute and keep the AOP going, and the city says it’s making progress. Earlier in May, the AOP won the Ivory Prize for Housing Affordability in the Finance category from Ivory Innovations. The national award, according to Boston Chief of Housing Sheilla Dillon, is both a recognition and an advertisement.

“All the funders here today are recognizing that what they invested in has international recognition, and we hope that these funders will continue to invest in the fund and it will help attract new funders,” she said.

The acquisition of Parkside on Adams – which was originally built to help fund the renovation of the Roslindale Substation – will keep the units there affordable in perpetuity. Dillon said that was the bigger accomplishment, at least for those currently living in the building.

“And we’re celebrating the acquisition of Parkside on Adams, which was 43 units that were on the market and the tenants were at risk,” she said. “It’s a beautiful location in Roslindale. And so there was a tenants meeting last night to meet the new owner, and the tenants came out and they were very relieved. The prize is very important, but I think people being able to stay in their homes is the most important.”

Boston Mayor’s Office of Housing Associate Director Adam Goldstein said the deal came about because Arx Urban had known for a while that the former owner wanted to sell, and when the prospect looked right, the company came to the Housing Office to facilitate the deal.

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“And then from the first time we heard about it, it was 90 or 120 days until we closed,” he said.

Arx Urban Principal Benjie Moll said in a press release that Arx Urban is looking forward to managing the building.

“This approach allows current residents to remain in their homes with greater long-term stability, helps maintain the economic diversity of the neighborhood, and creates future opportunities for lower- and moderate-income families in a location that is becoming increasingly difficult for working families to afford,” he stated. “We are grateful to be part of a smart, cost-effective model for expanding housing affordability across Boston.”

The project also includes planned capital improvements, including roof upgrades and the installation of a solar array to improve the building’s long-term sustainability and energy efficiency.

For more information, go to https://gvimes.link/parksideadams