To add to Ruth Thomas' posting about Newton's Armory/affordable housing efforts, Melinda Walker asked me to post this link to the City of Newton's web page that details the process of acquiring the West Newton Armory and developing it for affordable housing.
Melinda notes that the project will yeild 43 units BELOW 60% AMI with some of the 43 for households @ 30% AMI*
The total project cost is estimated @
$27,844,312.00 which comes from
14 different funding sources.
She adds that "projects of this nature, built by non-profit community development corporations can take up to five years to get built, individual situations vary, of course..."
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Here is a link that shows what the AMI (Area Mean Income) is for our area. Contrary to popular misconception, our AMI is not based on Lexington's mean income. The AMI that applies to Lexington comes from our location in HUD's Boston-Cambridge-Quincy area, which is the second group on the PDF linked below. The Boston-Cambridge-Quincy area extends as far north as a slice of Southern NH, and as far south as Wareham in Plymouth County. It extends as far west as Ashby and Hopkinton.... in total, an area with a population of almost 3.5 million people.
Pct. 9