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In August 2017, the Boston Housing Authority announced a partnership with WinnCompanies [7] on a $1.6 billion redevelopment project that would replace the 1,016 subsidized apartments with 1,365 mixed-income units, adding middle-income/workforce housing and market-rate rental units and condominiums to the replacement subsidized units. [8]
The BHA was established on October 1, 1935 by the mayor and city council of Boston under Massachusetts General Law allowing cities and towns of Massachusetts to establish housing authorities. According to Massachusetts law, its mission was to be responsible for providing decent, safe and sanitary housing for families unable to afford housing ...
The federal government, through its Low-Income Housing Tax Credit program (which in 2012 paid for construction of 90% of all subsidized rental housing in the US), spends $6 billion per year to finance 50,000 low-income rental units annually, with median costs per unit for new construction (2011–2015) ranging from $126,000 in Texas to $326,000 ...
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
The definition of affordable housing may change depending on the country and context. For example, in Australia, the National Affordable Housing Summit Group developed their definition of affordable housing as housing that is "...reasonably adequate in standard and location for lower or middle income households and does not cost so much that a household is unlikely to be able to meet other ...
Lacking the federal, state, and local government investment required to renovate Columbia Point while maintaining the deep affordability attached to public housing, the Boston Housing Authority and City of Boston made the decision to turn the property over to a private company to redevelop the area into a luxury, market-rate apartment complex ...
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