Casa Maria was developed and operates with Federal housing financing.
The property utilizes 2 Federal housing programs to make rent affordable to lower income tenants.
These programs are Low Income Housing Tax Credit and Section 202.
The property was developed with funding through the HUD Section 202 program which provides funding for housing for seniors
who are 62 or older. The program provided both capital financing to construct the property and operating subsidies
that work as rental assistance like the Section 8 program.
Casa Maria is among only 209† Section 202 properties
in Massachusetts and 6,166† in the country.
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 8888.
82 of 85
units at Casa Maria are low income and subject to the tax credit program.
The property, at the time of the tax credit allocation,
was not located in a Qualified Census Tract or a Difficult Development Area and was not qualified for additional tax credit funding.
Casa Maria is an affordable apartment community located in Boston, Massachusetts
which is located in Suffolk County.
The property is located in Massachusetts's 7th Congressional
District served by Representative Michael Capuano (D),
Senator Elizabeth Warren (D) and Senator Edward Markey (D).
Casa Maria is an apartment community containing 85 rental units.
The property contains 92 bedrooms and based on typical apartment occupancy limits, Casa Maria
is home to not more than 151† persons when fully occupied.
Casa Maria provides rental subsidies to renters. The type of subsidy provided to apartment renters in Boston, MA by this property is Section 202 Rental Assistance.
This subsidy allows the renter to pay 30% of his or her income for rent while the subsidy pays
the difference. To qualify, a renter must earn 50% or less of the Area Median Income.
There is no minimum rent at this property for residents receiving a rent subsidy but
in recent years, there has been discussions in Congress to implement a minimum rent in the
Section 202 Program to reduce cost burden on the Federal budget.
Casa Maria contains a mix of 85 assisted
studio, one, and two bedroom apartments for rent. There are 3 Studio, 72 One Bedroom, and 10 Two Bedroom apartments in this property. The unit mix is 4% Studio, 85% One Bedroom, and 12% Two Bedroom apartment rentals. The average bedroom size for Casa Maria is 1.08.