East Boston Community Associates
265 and 350 Meridian Street, 186-192 Cottage Street, 12 Seaver Street, East Boston, MA
Residential: Moderate Family Housing
Owner: LANDFALL COMMUNITY ASSOCIATES LP
DBA EAST BOSTON COMMUNITY ASSOCIATES
Financing: MHFA 13A program, LIHTC
Property Management: Metro Management Company
Property Manager: Monique Delcompare
Phone # 1-617-569-8200 Fax # 1-617-569-8223
The property includes 96 units of scattered site family housing including one-6 story mid rise. Units have moderate rents with 24 subsidized by MRVP.
Landfall Community Associates was developed and operates with Federal housing financing. The property utilizes the Low Income Housing Tax Credit Federal housing program to make rent affordable to lower income tenants.
In the 1970s, the Commonwealth created the 13A Program, a state rental development program modeled after the federal 236 Program. • The 13A subsidy functions as a debt service subsidy reducing the interest rate on the mortgage to 1% for the owner. • Income-eligible households pay the greater of 30% of adjusted income or the Basic Rent, a MassHousing-approved budget-based rent
Low Income Housing Tax Credit
The property was developed using the Low Income Housing Tax Credit Program. This program incentivizes investors to inject capital into rental apartments for lower income Americans. The property received a tax credit allocation in 1999. The property was placed in service in 2001. 93 of 111 units at Landfall Community Associates are low income and subject to the tax credit program.
Landfall Community Associates contains a mix of 96 studio, one, two, three, and four bedroom apartments for rent. There are 5 Studio, 63 One Bedroom, 10 Two Bedroom, 14 Three Bedroom, and 4 Four Bedroom apartments in this property.
Current Minimum Rent:
0ne Bedroom- $987
Two Bedroom- $1,027
Three Bedroom- $1,188
Four Bedroom- $1,295