Apartments In Hartford’s BofA Tower: What Affordable Really Means

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My colleague Jenna Carlesso has dug into some of the details of who would qualify to rent apartments if the former Bank of America tower in downtown Hartford is converted into housing:

Fifty-one percent of the units would be low- to moderate income units, while 49 percent would be market rate.

City Development Director Thomas Deller said the low- to moderate income units were not a condition of the city’s tax deal, rather, they are part of the developer’s plan to apply for a federal tax credit. Becker and Becker Associates will pursue the tax credit so it can then sell the credit to raise equity for the development, Deller said. The low- to moderate income units are required under the plan.

The developer can charge no more than 30 percent of a tenant’s gross income for rent and utilities, Deller said. To qualify for one-person, or studio, apartment, tenants can earn no more than $37,500 per year. For one- to two-bedroom apartments, which would accommodate one- to three-person families, the salary range for qualified tenants must be $45,500 to $58,500 ($45,500 is the maximum for one-person units, while $58,500 is the maximum for three-person units).

Deller said the arrangement differs greatly from Section 8 housing which accommodates families and individuals with much lower incomes. At 777 Main, there would be no subsidies to renters, state officials said.

Read Jenna’s full story here.

 

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One thought on “Apartments In Hartford’s BofA Tower: What Affordable Really Means

  1. J

    Every town needs to have an apartment complex like that rent is based on income, utilities included within reason vs the whole mortgage of the building with no utilities included, no amenities, and no pets allowed for one apartment because thats what the landlord thinks they are entitled to. Need be open to ALL ages, not just 55 and older. CT is seriously lacking this badly needed housing for those under age 55.

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