Developer increases number of affordable units in planned Dorchester building
The developer of a 36-unit apartment building at 233 Hancock St. in Dorchester has notified the BPDA it is planning to increase the number of affordable units from 5 to 10 and to restrict the rent on another 11 units - in part due to funding from a property-tax surcharge approved by Boston voters in 2016.
The BPDA approved the project last fall with the minimum 5 units required under the city's affordable-housing regulations. In a filing with the BPDA, Benjamin Moll of ARX Urban Capital says he was able to increase the number of income-capped units through two new sources of funding, including $500,000 from the city fund set up under the Community Preservation Act approved by voters and a subsidy from a state workforce housing fund.
The 10 "affordable" units will be available to people making no more than 70% of the Boston area median income; the other units to people making up to 100% of that income.
Technically, the BPDA has to approve the increase in affordable units because it approved the project under regulations that required just the 5 affordable units.
233 Hancock St. project change notice (42k PDF).
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Great example of how the new CPA funding can be a used as a tool to create more affordable housing opportunities in Boston coupled with creative developers willing to explore these mixed financing models. Kudos to ArxUrban!
80% AMI is as follows:
Household size of one person: $55,150
2 persons: $63,050
3 persons: $70,900
4 persons: $78,800
5 persons: $85,100
6 persons: $91,400
Maximum Affordable Rents
100% AMI is as follows:
Household size of one person: $68,950
2 persons: $78,800
3 persons: $88,650
4 persons: $98,500
5 persons: $106,400
6 persons: $114,250
Maximum Affordable Rents
And remember a household of 6 could be 2 working parents and four children. This could be possible for the three bedroom.
Definitions of middle-income vary by program, but broadly defined, middle-income households are those with annual incomes between $50,000 and $125,000. Boston’s starting threshold for middle-in come is $50,000 because that is where households start becoming ineligible for government housing assistance, and must rely on the private housing market.
Approximately 34% of Boston’s population is middle-income.
Low income is less than 80% AMI. (Single person making less than $55150)
Very low income is less than 50% AMI. (Single person making less than $41400)
Extremely low income is less than 30% AMI. (Single person making less than $20700)