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Affordable Housing in Boston

Affordable Rental Building Proposed for South Boston

One of Boston's most expensive neighborhoods could be getting a new development fully dedicated to affordable housing.

A proposal has been submitted to the Boston Redevelopment Authority by the South Boston Neighborhood Development Corporation to build more than a dozen new affordable housing units in South Boston206 West Broadway Render

The new developments would be located on what is currently two vacant parcels at 206 West Broadway. This area, close to the Broadway MBTA stop, is the most expensive place to rent in all of Boston. 

Plans for the development include 16 units that will be reserved for people with incomes below the area median income. The units will be a mix of one bedroom or studios. 

Renting in South Boston is in extremely high demand, which creates less options and higher rents. The proposal outlines how this project will make use of two vacant lots and provide much needed affordable housing, while staying consistent with the surrounding neighborhood and community. 

The plans include a ground floor coffee shop and hopes to create an informal gathering space for the residents and surrounding community. 

With Boston listed as one of the top 5 most expensive rental markets in the country, affordable developments like these are becoming increasingly important.  

The proposal is currently under review by the BRA and open for public comments. 

For more information about rent and rent prices in Boston contact us today! 

Parcel 1B Brings Affordable Rentals to Bulfinch Triangle

Parcel 1B

New developments and luxury high-rises are popping up around Boston with no end in sight, but amongst these million dollar developments is a project getting people excited for a whole different reason. 

Parcel 1B is a 239-unit rental building coming to Boston near North Station and it will be completely affordable for working families. 

The average rent for a two-bedroom apartment in Greater Boston has increased by 42% since 2009, according to the Greater Boston Housing Report Card 2015.  

The Parcel 1B project will cost $230 million to construct and is the most significant addition of affordable housing in downtown Boston for years. 

The groundbreaking took place in February and marks a very necessary new development in the area.

Expected to be finished in 2018, the units will be given out by a lottery. Related Beal developers are behind the project and have a long-term commitment to workforce housing- neither subsidized public housing or luxury rentals. 

Despite the affordable price tag, the construction of the building has spared no expense when it comes to materials or amenities. Many of the units are directed at families, offering three bedroom units which are not commonplace in new constructions. 

Building affordable housing in the current market is not easy and the process behind Parcel 1B proves that, but it is important for a large part of the city's population. 

To read more about the full details and funding for the project visit the Boston Globe

Looking for your new home? Contact us today for more info leasing@advisorsliving.com!

Dorchester Housing Developments Approved by the BRA

An affordable housing development in Uphams Corner in Dorchester has been approved by the BRA, according to the Boston Globe

This is the first phase of major development in nearby Dudley Square and will bring a large amount of affordable housing to the area. 

Indigo Block is an 89-unit apartment and condo building and one of the first large scale projects that is located along the new commuter rail Indigo Line. 

Half of the units will rent for no more than $1,200 for a two-bedroom and the rest will, for the most part, won't exceed $2,400 a month. 

This is a $37 million project that is being launched by Dorchester Bay Economic Development Council. It also includes some industrial and commercial space that hopes to retain jobs in that area of the city. 

The land for the development was formerly owned by the city and officials have been hoping to develop it as affordable housing. 

This new development comes along with another 16-unit condo building that has also been approved on the other side of Dudley Square. 

Looking for your new home in Dorchester? Contact us at leasing@advisorsliving.com today!

Small Apartment? Big Possibilities- 12 Ways to Design a Small Space

Boston condo and apartment prices are on the rise after a record year in 2015.

The price increase hasn't deterred residents from flocking to the highly sought-after urban spaces, but it does mean that in order to stay affordable many of these spaces are decreasing in size. 

Small spaces at premium price tags are now common throughout Boston, with NeighborhoodX charting the smallest condos for sale last month. These spaces require a level of creativity and innovation when it comes to layout, design and improving functionality that isn't always the most important factor in larger spaces. 

Houzz listed the top 12 tips for making the best use of a small space, perfect for implementing into your new home today! 

1. Make furniture multitask- Each furniture piece should have a purpose. Make the most of each square foot and prevent wasted space by finding pieces with maximum storage space built in. 

2. Stick to a single color pallet- Especially in a studio it is better to keep things simple. An easy way to split up a space is by varying the tones of a single color, rather than trying to mix together too many different colors. 

3. Don't be afraid of big pieces of art- A large painting or picture is an easy way to add something unique to a space and can often add depth to a room. 

4. Folding furniture- If you have enough in your budget then adding furniture that can fold away, such as the bed, can really benefit smaller spaces. Sofa beds and other built in pieces can save a lot of valuable floor space. 

5. Make use of levels- Despite shrinking square feet, many apartments still have a lot of vertical space. Make use of high ceilings by lifting pieces and making use of the space underneath. 

6. Divide with storage- If you're adding a dividing wall, making sure it has storage space built in is a great way to discreetly make use of what would otherwise be wasted space. 

7. Pick your furniture wisely- By keeping the walls white and picking distinct furniture pieces you can add character to a room without overwhelming it. 

8. Make use of unique features- Many of these spaces are not only small, but sometimes have weird additions, try to incorporate these into the design rather than see them as an obstacle. 

9. Seek out salvaged material- Recycled and unique materials usually come in small quantities, perfect when you don't need much of them!

10. Pick out the essentials- Figuring out what you really need and don't need is a crucial step before moving to a small space. 

11. Explore angles- If your space has an awkward shape, work with it rather than against it. Layout the space before buying furniture and make sure that it all works together. 

12. Incorporate a hardworking headboard- A headboard is usually overlooked as somewhere that can be utilized, but there are easy ways to turn it into extra storage or even a fold-out desk. 

To see examples of these tips in real apartments check out the original article on Houzz.

Boston Homeowners are Eager to Tap into Equity

- Credit: The Boston Globe

A mini refinancing boom has come about in recent weeks as homeowners are ecstatic about the ultra lowering interest rates. According to Freddie Mac, The Federal Loan Mortgage Corporation, the average rate on a 30-year loan fell to 3.63 percent and a 15-year mortgage dropped to 2.93 percent just last week.

Reminiscing on our undergraduate basic Macro Economics class, we know that the US economy flourishes when spending’s increase. So with recent gas prices and interest rates dropping, it comes with no surprise that consumers are more able and eager to spend some of their higher pockets of earnings, which in turn creates more generosity of lending by banks.
With banks becoming more gracious about lending, offering what is referred to as cash-out refinancing’s – homeowners tap equity by borrowing more than they owe on their mortgages. And ironically, an incredible amount of consumers are now choosing to spend this additional cash flow on updating their homes opposed to paying off their homes.

To explore the world of refinancing is highly advised. Advise from none other than the President of Chelsea-based Metro Credit Union, Robert Cashman, stated, “Now is the time if someone hasn’t had the opportunity, if they haven’t had the chance to refinance.”

And people are taking this advice, moving full speed ahead. According to the Mortgage Bankers Association, refinancing applications jumped 22 percent for the week ended Jan. 16, after surging 66 percent the previous week.

It is forecasted by Patrick Newport, an economist with IHS Global Insight, that the interest rates are predicted to maybe rise later this year, but when exactly is still uncertain.

[Boston Globe]

Chinatown Rental Project Receives Affordable HousingBond

Low income housing is being offered at this new construction site in Chinatown. The project is due to be finished in the summer of 2015!

From cpexecutive.com:

“A $26.6 million investment, Oxford Ping On broke ground in May. Developed by CEDC Oxford Ping On LLC, an affiliate of the Chinese Economic Development Council, the building will replace a 6,400-square-foot paved parking lot at the intersection of Oxford and Ping On Streets in the Boston Empowerment Zone…Rising ten stories above ground, Oxford Ping On was designed by Chia-Ming Sze Architect, Inc. and will encompass approximately 60,000 square feet of space. When fully completed in late summer 2015, the asset will have 67 low-income rental units consisting of 48 studios, 16 one-bedroom units, and three two-bedroom apartments, with one one-bedroom unit set aside for the property manager.”

Boston Micro Apartments Earn #2 Designation

The U.S. Rental lists data compiled from HotPads for October 2014 proves Boston to come ever so shy from the top.

Increasing housed demand is aiding these micro units in becoming the favorite alternative for developers because they can acquire additional tenants by leasing extra units.

However, don’t get too excited folks; these micro apartments have macro rents! According to HotPads, Boston’s median micro-apartment rent is $1,600 – similar to studios and 1-BRs.

Poll: Boston's Wicked Smart (or at least, Well-Educated)

A recent poll has been released, and once again, Boston lands on top!

Steering far from anything hotel related, Boston has officially been placed first, and it is all because of you, people!

“Boston comes in first with 1 institution for every 658 people, followed by Seattle with 1 educational establishment for every 785 people. We took into account all educational institutions of all levels.” [Curbed]

Boston is the official winner for housing the most educated citizens in the U.S., and with a sum of 60 schools in metropolitan Boston, one could say Boston had a leg up from the rest.

It comes with no surprise that once coming upon completion of university, students choose to stay and live their post-graduate years in this beautiful city.

So way to go you scholastic Bostonians; and keep studying kids!

Affordable Housing is Boston's New Demand Craze

The Boston Redevelopment Authority is in the process of approving four apartment complexes, including 319 A Street in Fort Point. Whilst doing so, they have received many requests to increase the affordable units offered. There is recent talk of a plan to set aside an additional 10 percent of affordable units by paying into an Inclusionary Development Program to fund the increase.

According to the Boston Redevelopment Authority, “Boston Residential Group, LLC will transform an existing office building at 319 A Street in Fort Point into 48 residential units with approximately 5,500 square feet of ground floor commercial space. The building will contain studio, one-, and two-bedroom units, and residents will access to a roof deck that offers views of the neighborhood. The commercial space could include a 550 square foot outdoor terrace on an adjacent alleyway.”

The Tenant voice has officially been heard. Stay informed for definite results.

150 West Broadway Gains Five-Stories of Condos

150 West Broadway is gaining five-stories of 24 condos in replacement of Mike’s Auto. This development is not only steps away from the Broadway Red Line (T), but it also offers 32 on-site parking spaces. Tis a sweet deal!

From Curbed:

“The Boston Redevelopment Authority late last week green-lighted 150 West Broadway, a new project that will plunk 24 condos where Mike’s Auto used to be. The five-story project, staggeringly enough, includes 32 on-site parking spaces. This despite being a stone’s throw from the Broadway Red Line stop.