EAST BOSTON COMMUNITY ASSOCIATES

12 Seaver Street

265 and 350 Meridian Street, 186-192 Cottage Street, 12 Seaver Street, East Boston, MA

Residential: Moderate Family Housing
Commercial: No
Owner: LANDFALL COMMUNITY ASSOCIATES LP
DBA EAST BOSTON COMMUNITY ASSOCIATES
Financing: MHFA 13A program, LIHTC
Property Management: Metro Management Company

Property Manager: MacGyver Moronta

Phone : (617) 569-8200 Fax : (617) 418-5580

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.

FUNDING PROGRAMS

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.

UNIT MIX

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:

Studio- $827

0ne Bedroom- $987

Two Bedroom- $1,027

Three Bedroom- $1,188

Four Bedroom- $1,295