QUICK SUMMARY
Boston and Northeastern University announced a new Institutional Master Plan and Payment-in-Lieu-of-Taxes agreement, committing over $62 million in community benefits and housing initiatives over the next decade. The plan includes a $10 million investment in housing stabilization and aims to reduce off-campus student housing demand while adding 1,000 new student beds.
Boston and Northeastern University have launched significant agreements, including a new Institutional Master Plan (IMP) and a Payment-in-Lieu-of-Taxes (PILOT) arrangement. The IMP includes a $62.5 million commitment to community benefits over the next decade, with $10 million dedicated to housing stabilization efforts. Mayor Michelle Wu stated that these agreements will address the city's housing challenges and enhance public spaces. Northeastern aims to mitigate off-campus housing demand while planning for an additional 1,000 student beds. The PILOT agreement includes over $49 million in cash and community benefits within five years, setting a higher standard for institutional contributions. Eight new projects are included in the IMP, each undergoing a development review process. Northeastern's VP Kathy Spiegelman noted that the plan marks a milestone in the university's ongoing campus development. The city will monitor student housing impacts through the University Accountability Ordinance, ensuring community needs are met.