In the late 1990s, a convergence of circumstances let to dramatic changes at this landmark development. The owner of the development had filed for bankruptcy and the residents were searching for a way to keep their apartments affordable.

Many of the residents feared they would be forced to leave their homes if the buildings' rent went to market rate. The residents lobbied with other residents, they went to City Hall, attending meetings in an attempt to get the funds to rehab the development. The residents banded together and eventually found a way to preserve the development affordability.

Introduced to Mandela's residents by a mutual friend, Howard Cohen, CEO of The Beacon Companies agreed to form a general Partnership with the residents to acquire and renovate the development under the name of Mandela Homes LLP. The residents formed two register Massachusetts corporations; (1.) the Mandela New Life Redevelopment a for profit organization and (2.) filed Articles of Organization with the Commonwealth of Massachusetts, Secretary of State on August 30, 1990 for Mandela Resident Cooperative Association, Inc (MRCA) a nonprofit organization.