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

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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!

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For reference...

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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.

AND

Ten (10) units will be restricted to households earning not more than 80% of the HUD AMI including four (4) studios, four (4) 1-bedrooms, one (1) 2-bedroom and one (1) 3-bedroom;
• Eleven (11) units will be restricted to households earning not more than 100% of the HUD AMI including four (4) studios, four (4) 1-bedrooms, two (2) 2-bedrooms and one (1) 3-bedroom;

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
Studio $1,220
1 $1,395
2 $1,743
3 $2,023

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
Studio $1,526
1 $1,723
2 $1,970
3 $2,216

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)

SRC: https://www.boston.gov/sites/default/files/affordable-housing-boston.pdf

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