From today’s Boston Globe:
Boston Mayor Thomas M. Menino yesterday called for doubling the fees developers will have to pay if they do not build city-required affordable housing units at their residential projects.
Developers must reserve a certain percentage of the units in their projects as affordable housing; the amount equals 15 percent of the market-rate units they intend to build. Projects with under 10 units are exempt.
In some circumstances, a developer could opt out of building affordable housing on-site by making a payment to a city fund … The city would then use that money to help build affordable housing elsewhere in Boston.
Menino said he will increase the opt-out fee to $200,000 per unit for rental housing.
With condominium developments, developers would pay either $200,000 per unit or at least half the difference between the price of a market-rate unit and the cost of an on-site affordable unit, whichever is greater.
Well, that’ll cause a lot of headaches for developers, don’t you think?
Contact me to set up an appointment to start your Boston condo buying process.
SEARCH BOSTON CONDOS FOR SALE
For more information please contact one of our on-call agents at 617-595-3712.
Updated: January 2018
