Forbes Owner to Seek 97% Affordability!
On September 22, All City Management (owner of the Forbes Building) submitted a proposal to the Boston Planning and Development Agency (BPDA) for an Article 80 Zoning approval for the Forbes. The proposal commits ACM to seek 97% affordable housing for the Forbes, for at least 40 years! Although ACM had previously promised verbally to preserve affordable housing, this was the first time this has been put in writing!
On October 10, ACM representatives clarified they intend to seek a total of 87 additional Mass
Rental Voucher Program (MRVP) subsidies, in addition to the 37 already in the building. The remaining Forbes units would be “capped” at subsidized Tax Credit rent limits, substantially below true market rents. The MRVP and Tax Credit contracts would be for 40 and 30 years, respectively. If approved, this would achieve FBTA goals of preserving the long-time mixed income, affordable character of the Forbes.
The BPDA proposal is a first step. ACM has also submitted a proposal to the City of Boston and
the State for additional subsidies to achieve this new goal. Our information is that ACM is asking for a reasonable amount, but we won’t know for sure until December. The FBTA continues to press ACM to apply for 67 MRVP subsidies NOW, to lower rents for low-income tenants paying more than 30% of income for rent.
Owner Proposes Reduction of Parking at Forbes to 6 Spaces!
The rest of ACM’s proposal to the BPDA focuses on proposed changes to the building envelop and site plan. The FBTA supports most of the environmental and repair outline that has been released to date. However, the owner’s Plan would reduce parking spaces at Forbes to only 6, converting the rest of the spaces for “green” shrubbery and grounds. The FBTA is firmly opposed to this reduction and asks for tenant and community support to oppose this.