The Beverly (née Merano) (Parcels 1B & 1C) | Bulfinch Triangle | West End

That sidewalk needs to be wider but that is outside the scope of this project.
 
Yeah, they've been slowly working their way down Causeway from the Lomasney/Merrimack end.
 
Anyone interested in entering into the lottery to live here? Details:

The Beverly is the "affordable / workforce housing" development currently finishing up construction across from North Station.

Each of the 239 apartments will be rented to those earning a specific amount of money, based on what's known as the Area Median Income (AMI).

Some units will be rented to those making as little as 30% of AMI (around $25,000 for two people), while others will go to those making up to 165% of AMI (about $135,500 for two people), according to the developer and city. (Details on the AMI and qualifying data, on the BPDA website.)

Who will get the apartments, assuming more people apply than there is supply, is based on a lottery that is expected to take place in mid-September. Applications to be entered into the lottery are due by September 6.
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Apply here: http://www.thebeverlyboston.com/
 
JumboBuc said:
Always.
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I can't remember the exact numbers, but some market-rate projects had something crazy like 1,000+ applicants for 30 affordable units or something. It's bad. At least this project is all affordable, but the applicants will certainly outnumber the units.
 
chrisbrat said:
$2,000/mo is "affordable" huh? yikes.
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Yeah, it is.

"Affordable" is always a terrible term because it's relative (even a $20k / month apartment is affordable if the household that lives there can afford it), but in the context of set-aside "affordable housing" it means affordable to a specific targeted demographic.

Boston's income, asset, and price limits stipulate that a 1-Bedroom set aside for a household at 110% AMI can charge $1,991 per month. A single person qualifying to live in that unit can make no more than $79,650 while a couple can make no more than $91,000. At those incomes, $2,000 per month is absolutely affordable.

This building also has some units for as little as $492 per month, targeted at people who make 30% AMI (or about $22k per year).

Just because a unit is not "cheap" that doesn't mean it's not "affordable".
 
Even at 80k 2k/month rent would be pretty close to half take home though. That's really pushing it.
 
Typically, "affordability" of an apartment is 1/3 of gross income, not net (not that it makes it any more affordable ...).

In regard to The Beverly, there will be units available across a wide-range of incomes. I'm sure many of on this board could qualify, either because we're middle class or even upper middle class. 140% of AMI (area median income for a couple is $115,800 and the rent is expected to be in the $2,500/mo ($30,000/yr) range.

Some details on how it will be broken down (unfortunately, I've yet to find a complete list).

All 14 floors are reserved for households with incomes between 30 percent of area median income (about $25,000 for a family of two) and 165 percent of area median income (about $136,500 for two). That means a studio will initially rent for as little as $480 and up to a high of about $2,900. A three-bedroom will start at around $1,200 (for a household at 50 percent of AMI) and top out at $4,300.

Competition for the lowest-priced units will likely be the most fierce. Just five units are available for households at 30 percent of AMI, and three for those at 40 percent. The units are fairly evenly distributed across the rest of the income bands, with the exception of a bulge of 70 units, more than half of which are one-bedrooms, at 140 percent of AMI, which Lubitz attributed to expected demand. Rents for those one-bedrooms will be about $2,500.
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https://nextcity.org/features/view/boston-downtown-affordable-housing-related-beal
 
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