Last updated on September 24, 2023
The owner of a Centre Street apartment building with tenants who are primarily low-income plans on renovating the building, and keeping 143 out of 147 units deemed affordable.
The owner of the building, the Jamaica Plain Company, on behalf of Paul Clayton, filed a letter of intent (LOI) with the Boston Planning & Development Agency on Sept. 18, to renovate the Forbes Building located at 545 Centre St.
The Forbes Building is the last property in the Section 13A Rental Housing Portfolio, according to the LOI. Last year, it was believed that at least 85 apartments were preserved for low-income renters for at least 20 years through the program.
There have been protests to keep the building affordable.
The existing building would be rehabilitated with a new facade and mechanical systems to bring the building up to the city’s sustainability requirements. The building’s footprint of approximately 125,000 ground square footage, 4,500 sq. ft of commercial space, would remain the same, and the project is not expected to need zoning variance relief. There would be a reduction from the current 32 parking spots.
The building constructed in 1978, includes 130 one-bedroom and 17 two-bedroom units. The proposed affordability percentage would be 97% (143 of 147 units). The new income averaging allows for Low Income Housing Tax Credit (LIHTC) units to be up to 80% area median income (AMI) as long as the average income of the tenants is at 60% AMI or lower. Most of the 143 LIHTC units will be at 60% AMI, with approximately 20 units up to 80% AMI. The owner is working with Massachusetts’ Executive Office of Housing and Livable Communities (EOHLC) to create a plan to add Massachusetts Rental Voucher Program certificates over time that would allow the Forbes Building to serve lower-income tenants.
The area median income is $141,300, according to Fannie Mae.
