SEB Housing

  While 80% of Massachusetts cities and towns voted last November to save 40B, it is clear from my experience that most suburban communities don’t like it and would rather have developers use their own inclusionary bylaws to create affordable housing. Having researched many of these bylaws, I have to conclude that the economic realities of developing mixed income housing has been ignored in drafting these bylaws. In order to stimulate or induce affordable housing development in lieu of any “as-of-right” development options, there needs to be an economic or financial incentive, yet most inclusionary bylaws totally fail in this regard. The Governor’s “ Smart Growth Tool Kit ” has developed a model inclusionary bylaw which allows 2 additional market rate units to be built for every affordable unit required. This makes sense to me as the economic loss of creating an additional affordable unit can only be offset by adding 2 more market units (in some communities with lower land values a...

Who ends up getting served? The recently released 2011 Household Income Levels for Massachusetts, and the Boston area in particular, have raised significant questions about who is supposed to be helped versus who will actually be helped, based on the HUD figures and the State’s subsidizing agencies’ interpretation of these income categories. Those of us dealing with households at the ground level, ie., assisting in the application process, recognize the dilemma, as follows:  • The Area Median Income for the Boston MSA increased from 2010 to 2011 • The 50% AMI numbers as published by HUD also increased from 2010 to 2011 (because the overall AMI increased) • For properties where rents are calculated from the 50% AMI numbers, this means that rents also increased Now, no MSA can have a higher 80% AMI income limit than the United States 100% AMI number unless the area is designated a “High Housing Cost Area”. But, isn’t it perplexing that by HUD’s strange methodology, Boston is no...

  Application Process Applications for program resources will be reviewed and funds made available to projects on a rolling basis until such time as the CommonWealth Builder funds are committed. Applications must include all sections of the CWB Application (available upon request), which includes the following sections of the OneStop application: ·          Project Description ·          Development Team Summary ·          Sources and Use of Funds ·          Signature Page In addition, applications must also include the following: Site Information Mass Historic Commission Project Notification Form, listing MassHousing CommonWealth Builder funds Environmental Information (including an ESA Phase 1) Evidence of Zoning Approval Evidence of Site Control For condominium projects, a Homeownership Association (HOA) ...

Massachusetts is an expensive residential market, so Chapter 40B was added to the Affordable Housing Law system much time before. The goal was to make 10% of the community's houses affordable for the Massachusetts residents. The process consists of devoting almost 20% to 25% of the units to low to moderate-income families. These affordable units include townhouses, single-family homes, condominiums, and duplexes. These units can be sold as new units or can be resold by the homeowners who are planning to move to other houses or cities. But, before taking any home under Chapter 40B, you must take advice from the 40B Compliance consultant . The consultant will guide you about the required guidelines and assets that are required under 40B. Assets Considered under Chapter 40B Under Massachusetts Comprehensive Permit Law or Chapter 40B, the shortage of housing societies was addressed in the city. This Anti-Snob Zoning Act reduces the unnecessary barriers through an approval process...

SEB Housing is an Affordable Housing Consulting group in MA, that works with developers and management teams. We are an Affordable Housing Consulting group that works with developers and management teams. We have been involved in marketing and executing lotteries and lease-ups and sales of more affordable units than any other lottery agent in the state. To know more, contact us at 617-782-2300.

SEB Housing has been a leader in the affordable housing field in Massachusetts for over 40 years. We have been involved in marketing and executing affordable housing lotteries and lease-ups and sales of more affordable units than any other lottery agent in the state. We are an Affordable Housing Consulting group that works with developers and management teams and applicants in the tasks associated with the housing. To know more, contact us at 617-782-2300.