Melanie Zoltan writes the Boston Home Improvement Blog for HomeStars.com. She lives in the metroWest Boston area and enjoys the Big Dig, putting a chair on the street to mark her parking spot during snow storms, driving on 128 during rush hour, and rotaries. 
40b in Massachusetts: income-based, affordable housing
It's spring, and the "for sale" signs are as prevelant as the dandelions and children frolicking on the lawns. Real Estate is on everyone's mind (and not just the foreclosure vulture deathwatch--"How far past peak are we? Have we bottomed out? Buy now? Buy later? Bury twelve St. Joseph statues over the spetic tank?") but there is one option that many low-to-moderate income state residents might consider on the path to homeownership."40b" is a shorthand term for town zoning requirements for affordable housing. When a developer wishes to put in new housing in a town, the developer must meet with zoning boards to negotiate myriad issues related to new development. Many Boston-area and suburban towns have zoning laws that can be restrictive when it comes to new housing; in towns where less than 10% of housing stock is "affordable" (affordable to persons making less than 80% of the median income in the town), zoning boards have less discretion in restricting growth, as the town must meet the 10% rule according to 40b:
The goal of Chapter 40B is to encourage the production of affordable housing in all cities and towns throughout the Commonwealth. The standard is for communities to provide a minimum of 10% of their housing inventory as affordable. A total of 47 cities and towns have now met that standard. For those communities that still fall below that threshold, a 40B development can be proposed (communities above the 10% threshold can still accept 40B development proposals at their choice).
In new developments, 20-25% of units must meet "affordable housing" standards, and a lottery system is put in place for interested homeowners. Income qualifications for prospective homeowners require that the family not make more than 80% of the median income in the town or city, and the house or unit, when purchased, is then discounted according to income.
If you are looking for 40b housing, some current developments with open units and homes include:
Mosaic Commons cohousing and Camelot Cohousing in Berlin
Resales under 40b (units purchased by 40b participants and now for sale to 40b participants)
New construction under 40b
Posted by Melanie Zoltan
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1 Comments:
Dear all,
you might be intersted to consider the award winner documentary "Voices of Cohousing. Building villages in the city". It gives a good view from within as it was made for both cohousing groups in formation and for existing cohousings to organise info evening. In fact, it deals with some of the most important topics people should know about cohousing. Info and trailer: http://notsocrazy.net
Have a good day!
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