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Maybe it should be brought up at one of the meetings so we know what we are getting into. I would also like to know what they are going to do when they can't fill them.Leland33 wrote: Tyu12 - the LDS Report showed preliminary rental rates for market rate and “affordable.” They’re based on Boston income.
Cathy - I think Dolben should speak up, after all they are most affected by the no/yes affordable units. The construction manager might be effected by the mix/number of studio, 1BR and 2BR BUT it’s a small dollar value lost in the noise,
I found there was no set price for certain developments in Boston. A 3BR could cost 3000/mo and also $1800/mo. In the same building a studio rented for $500. It wasn’t easy finding actual rents.
May 3, 2017Cathy (Admin) wrote: There is an ordinance:
"(2) Cash Contribution: With authorization by the City Council or Planning Board as described above, developers may make a cash payment in lieu of affordable units to the Gloucester Affordable Housing Trust Fund as outlined below:
For rental units, the financial contribution for each affordable unit shall be equal to the difference between the average market rental price for the market-rate units in the subject development and the rent affordable to an income-eligible household as defined by this ordinance and HUD, calculated over a term of ten (10) years."
This is all making me tired, lol. I get the argument about the greater good - jobs and property tax revenue on a currently stagnant property.
What annoys me is the spin, contradictions and irony.
The Y will not be paying property taxes on their piece. Jobs - construction jobs, sure. Any guarantee that it will be local folks? No.
I'm a huge fan of the Y and their programs and anyone who chooses a career path as a Y employee gets a high five from me. Can those employees afford to live here? I don't think so. How many jobs will the residential and retail create that will attract people who can afford to live here?
And then back to "there is an ordinance" and who gets a pass. I feel like the residential guys are using the passionate community support for the Y to cut themselves a slick deal.