Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Preservation topic
No spam. Unsubscribe anytime.
Trust discusses recent multiunit listings and preservation options
Summary
Trustees noted two recent multiunit rental listings (an 18-unit on Bradford Street listed for about $5.5 million and a 10-unit near Concord Center) and discussed whether the trust, housing authority or partners should explore acquisition, light rehab, or extended-use restrictions to preserve affordability.
Chair Matt alerted trustees to two rental properties that recently came to market: an 18-unit building on Bradford Street listed at about $5,500,000 and a 10-unit building in Concord Center with mainly one-bedroom and studio units. Trustees discussed the risk that private buyers could reposition properties and remove affordable rents without intervention and suggested that the housing authority and housing foundation investigate potential acquisition or preservation strategies.
Alex said the opportunity "does sound like a potentially good opportunity," though he cautioned the buildings may not be suitable for tax-credit projects and recommended exploring combinations of funding sources for light rehab and extended-use restrictions. Ed (housing authority) said the authority could consider pursuing one-off acquisitions but noted current workload around Section 8 compliance. Trustees asked the housing authority and partners to follow up and report back if a formal proposal is appropriate.
