100% Affordable Complex Proposed for Downtown Boston
Boston developer Related Beal LLC is proposing the city’s first apartment complex with “100 percent restricted rents.’’
In an effort to address the city’s lack of affordable housing, Boston developer Related Beal LLC has proposed an apartment complex dedicated entirely to “workforce’’ and low-income units, according to The Boston Globe.
Planned for a downtown parcel of land between TD Garden and the North End, the $225 million development would be the first “100 percent rent restricted’’ building in the Hub. The 239 apartment units would all be priced below the going market rates, and divvied up between “workforce housing’’ for middle-income residents and even cheaper units for low-income tenants.
In order to qualify for the 132 workforce apartments, The Globe reports that residents would have to earn “between 120 and 165 percent of the median income’’ for a two-person household in Boston ($78,800), and low-income residents would have to earn between 30 and 120 percent of the median income.
The project would also hold appeal to larger families, including some three-bedroom units.
Related Beal is able to fund the project because most of the land parcel is controlled by the Department of Transportation, which charges less for leasing than private owners, the company told The Globe. The developer would also qualify for a slew of state and federal tax credits.
Read the full Boston Globe story here.
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