As part of any new major residential project in the city of Boston, a developer has to set aside anywhere from 10-13% of the units as “affordable”. These are usually units in the same building, but not with all the upgrades. Standard units.
Still, a sweet deal for any buyer.
And, the income limits are pretty impressive.
For example, at the Audubon Park development, condos going up on Miner Street in the Fenway, you can make up to $47,000 and still qualify to buy a one-bedroom condo for $150,000; you can make up to $58,000 and still qualify for a $225,000 condo; you can make up to $70,000 and still qualify for a $270,000 condo.
The affordable units are so popular that the Boston Redevelopment Authority has lotteries to pick the “winners” of the homes.