Mayor Wu proposes Major Affordable Housing Hike (Boston: low income, real estate)

[WestieWhitie]

Originally Posted by massnative71

That can't be true if the Neighborhood Homes Initiatives STARTS at $250K as a sale price, with incomes starting at $60K.

You might want to open up some actual “affordable” resale listing and take a look at the income requirements and the listing price “dawg,” I know grifting the grift and hustling the hustle is what you’d of or a living but using made-up numbers for a made-up project that most likely won’t even come to fruition is pretty low even for you.

[BostonBornMassMade]

Originally Posted by massnative71

That can't be true if the Neighborhood Homes Initiatives STARTS at $250K as a sale price, with incomes starting at $60K.

Thats a city-run program using City-Owned land.... that likely will require 0 down payment or 3% down payment. That's totally different than homes developed on Private land which is subject to the IDP.. The Neighborhood Homes Initiative is 100% income restricted and often not condos, but actually Single Family Homes.

Its also a poorly run program because it quite literally states- in plain English:

"MAXIMUM HOUSEHOLD INCOME LIMITS*
To qualify, you must meet the Maximum Household Limits at 100% of Area Median Income (AMI)

Income and asset limitations apply."

100% AMI for a single person is $98,150.

So either that page hasn't been updated or the program is a mix. Still there are only 250-300 homes in this program/going to be a part of this program. That is massively dwarfed by the ~45,000 IDP units we currently have. There will be more Income-restricted housing in just Suffolk Downs than the Neighborhood Initiative Program.

You're still out of depth. and fwiw 60k at 250k isnt 50k at 300k like you stated..

[WestieWhitie]

Originally Posted by BostonBornMassMade

Thats a city-run program using City-Owned land.... that likely will require 0 down payment or 3% down payment. That's totally different than homes developed on Private land which is subject to the IDP.. The Neighborhood Homes Initiative is 100% income restricted and often not condos, but actually Single Family Homes.

Its also a poorly run program because it quite literally states- in plain English:

"MAXIMUM HOUSEHOLD INCOME LIMITS*
To qualify, you must meet the Maximum Household Limits at 100% of Area Median Income (AMI)

Income and asset limitations apply."

100% AMI for a single person is $98,150.

So either that page hasn't been updated or the program is a mix. Still there are only 250-300 homes in this program/going to be a part of this program. That's is massively dwarfed by the ~45,000 IDP units we currently have. There will be more Income-restricted housing in just Suffolk Downs than the Neighborhood Initiative Program.

You're still out of depth. and fwiw 60k at 250k isnt 50k at 300k like you states..

So dawg, why don’t you show us the prices and income requirements for a regular full-size units shaken down from developers and not the theoretical closets no one will build unless gifted a few million of taxpayer dollars? Better yet, find us prices and income requirements for full-size units that end up on the secondary market.

[BostonBornMassMade]

Originally Posted by WestieWhitie

So dawg, why don’t you show us the prices and income requirements for a regular full-size units shaken down from developers and not the theoretical closets no one will build unless gifted a few million of taxpayer dollars? Better yet, find us prices and income requirements for full-size units that end up on the secondary market.

The first part is very easy. I have no idea how I’d find something in the secondary market- wouldn’t know where to begin. Not sure why that matters. Most of these are deed restricted meaning they can’t be resold at market rate- some people in Roxbury feel that stymies wealth creation- but it is what it is.

70%AMi, the studio is 1203/month. Minimum income 43k, maximum income 69k. In Charlestown. Took 40 seconds to find that.

https://www.boston.gov/metrolist/sea...signment=first

One Bedroom condo mission Mission Hill for 225k. Max income for household of 2- $89,750
https://www.boston.gov/metrolist/sea...signment=first

2-bedroom apartment in Mattapan. Rent $1715 max income for a household of 2 ~$72,000
https://www.boston.gov/metrolist/sea...nment=waitlist

1 bedroom in Mattapan max income $29,450 for a household of one, rent $696/month https://www.boston.gov/metrolist/sea...nment=waitlist

2 bedroom Allston rent $1668 max income $88,350 for a household of 3
https://www.boston.gov/metrolist/sea...gnment=lottery

All of this I found in like 7 minutes. Yall don't put forth the necessary effort before you post. And just continuously come here with misinformation.

[BostonBornMassMade]

Originally Posted by BostonBornMassMade

The Neighborhood Homes Initiative is 100% income restricted and often not condos, but actually Single Family Homes.

You're still out of depth. and fwiw 60k at 250k isnt 50k at 300k like you stated..

'50k income for 300k house'.. I can't help but roll my eyes...

Look at this house in the link. Price is $385,000 for new construction.

TO QUALIFY, YOUR ANNUAL INCOME MUST BE EQUAL TO OR LESS THAN:
2 persons, $112,200
3 persons, $126,200
4 persons, $140,200
5 persons, $151,450
6 persons, $162,650
BUYER WILL BE SELECTED BY LOTTERY. DEADLINE FOR LOTTERY APPLICATIONS IS JANUARY 5, 2023.

[newenglandgal123]

Originally Posted by BostonBornMassMade

'50k income for 300k house'.. I can't help but roll my eyes...

Look at this house in the link. Price is $385,000 for new construction.

TO QUALIFY, YOUR ANNUAL INCOME MUST BE EQUAL TO OR LESS THAN:
2 persons, $112,200
3 persons, $126,200
4 persons, $140,200
5 persons, $151,450
6 persons, $162,650
BUYER WILL BE SELECTED BY LOTTERY. DEADLINE FOR LOTTERY APPLICATIONS IS JANUARY 5, 2023.

I know there are some out there who qualified for an affordable unit based on their income but as soon as they 'won' the housing lottery, they had their significant other move in and essentially double the HHI that qualified them in the first place and then they share in the expenses. Talk about taking advantage of the system and taking away a unit from someone or a family who really needs one! Yet everyone else who had to pay market rate in the developments are the ones ultimately footing the bill for these folks taking advantage of getting in on a super cheap one.

[BostonBornMassMade]

Originally Posted by newenglandgal123

I know there are some out there who qualified for an affordable unit based on their income but as soon as they 'won' the housing lottery, they had their significant other move in and essentially double the HHI that qualified them in the first place and then they share in the expenses. Talk about taking advantage of the system and taking away a unit from someone or a family who really needs one! Yet everyone else who had to pay market rate in the developments are the ones ultimately footing the bill for these folks taking advantage of getting in on a super cheap one.

Do you actually know that? How?

You can’t account for people breaking the law/rules. This happens in market rate units too. And in the projects. And in dorms.

[newenglandgal123]

Originally Posted by BostonBornMassMade

Do you actually know that? How?

You can’t account for people breaking the law/rules. This happens in market rate units too. And in the projects. And in dorms.

I do actually know that. I owned a townhouse once that had a certain percentage of them that were affordable units in the development and one a couple doors down from me happened to be an affordable unit. The unit was deeded to a single owner who qualified by himself but after closing, had his significant other move in and shortly after that they got married. There's a reason they didn't get married prior to closing! So he got a $500-600K market rate unit at an affordable unit price of around $300K!

It doesn't matter what the income is of folks buying at market rate, just so long as they qualified for the mortgage and can buy the place. Affordable units are meant for those who meet the strict income / asset requirements and maybe have no other chance at getting stable housing/entering home ownership. The folks playing the housing lotto system are as bad as those playing the food stamp/ebt card system.

[BostonBornMassMade]

Originally Posted by newenglandgal123

I do actually know that. I owned a townhouse once that had a certain percentage of them that were affordable units in the development and one a couple doors down from me happened to be an affordable unit. The unit was deeded to a single owner who qualified by himself but after closing, had his significant other move in and shortly after that they got married. There's a reason they didn't get married prior to closing! So he got a $500-600K market rate unit at an affordable unit price of around $300K!

It doesn't matter what the income is of folks buying at market rate, just so long as they qualified for the mortgage and can buy the place. Affordable units are meant for those who meet the strict income / asset requirements and maybe have no other chance at getting stable housing/entering home ownership. The folks playing the housing lotto system are as bad as those playing the food stamp/ebt card system.

Yet people move people into apartments who are not on the lease every day of their lives..The point being people break the law and enter into illegal living situations. You can only do so much to increase affordability short of putting a security camera in every unit in the city.

You can't really fault people for trying to get an apartment they can afford. He and she could divorce tomorrow- he would still need a place to live.

I'm amazed you know who the condo was deeded to but alright. This is just a distraction thought- rather than consider the norm here we are talking about the exception.

The fact of the matter is income-restricted affordable housing costs less than half of what massnative said it did relative to incomes.

[msRB311]

These housing lottery deals can be pretty ridiculous. I know someone who got one about 10 or so years ago. She was a single teacher in her 20's, did not come from poverty or anything like that (quite the latter). She got married shortly after winning this lottery house, employed husband moved in. I suppose it is what it is- it's like winning the lottery...but the people who get these places are not typically hurting. It would make more sense if they went to people more in need...a single female in her 20's with no kids, a degree, a solid job (not to mention well off parents) just doesn't feel like someone who really needs a cheap house...but hey I don't make the rules here. I'm sure the neighbors appreciated someone like her ended up moving in around them.