During a recent government meeting, officials discussed the financial challenges facing the development of affordable housing in Southborough. The conversation highlighted the significant costs associated with acquiring land and constructing a 30-unit building, with estimates suggesting a need for over $2 million to proceed.

One speaker noted that a 30-unit parcel would require approximately 4 acres of land, which could cost around $1.2 million, translating to about $300,000 per acre. This figure was underscored by a recent sale of a dilapidated property in the area, which sold for $295,000 despite its poor condition. The speaker expressed concern that the town does not currently own any suitable parcels that could be repurposed for affordable housing.

In addition to land acquisition, the discussion revealed the necessity of financial subsidies, estimated between $600,000 and $900,000, to support the development. The need for a septic system was also addressed, with costs for a single-family system ranging from $30,000 to $50,000, and larger systems potentially incurring six-figure expenses.

The officials acknowledged the complexity of the situation, emphasizing the need to attract builders willing to work in areas without sewer systems. They concluded that, with less than $1 million currently available across various affordable housing funds, significant additional funding would be required to move forward with any development plans.