Mt Pleasants Apartments
2 Waverly St
Boston, Suffolk County, Massachusetts 02119

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Funding Programs

Mt Pleasants Apartments 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 Project Based Sec. 8.

Section 8

Mt Pleasants Apartments has a project-based Section 8 contract. 98 of the 98 total units at the property receive Section 8 assistance. This means that 100% of the renter households in the property pay no more than 30% of their adjusted income for rent.

The current Section 8 contract was effective on January 10, 2014 and the contract expires on January 09, 2034. The Section 8 contract rent is 113.6% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,056.00 for Zero Bedroom, $1,261.00 for One Bedroom, $1,567.00 for Two Bedroom, and $1,945.00 for Three Bedroom.

44% of Massachusetts properties and 26% of all properties across the country have Section 8 rental subsidies. See the Rent Subsidies section for more.

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. . 98 of 98 units at Mt Pleasants Apartments 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.

Overview

Mt Pleasants Apartments 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).

Mt Pleasants Apartments is an apartment community containing 98 rental units. The property contains 143 bedrooms and based on typical apartment occupancy limits, Mt Pleasants Apartments is home to not more than 263 persons when fully occupied.

Rent Subsidies

Mt Pleasants Apartments provides rental subsidies to renters. The type of subsidy provided to apartment renters in Boston, MA by this property is Project Based Sec. 8.

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 a minimum rent payment of not less than $25 and as much as $50 for all subsidy recipients at this property. That means that even if a renter has zero income, they will still be required to pay rent. In recent years, there have been various legislative proposals to increase the Section 8 minimum rent but advocates make the valid point that minimum rents affect the poorest of the poor.

Unit Mix

Mt Pleasants Apartments contains a mix of 98 assisted studio, one, two, and three bedroom apartments for rent. There are 3 Studio, 51 One Bedroom, 40 Two Bedroom, and 4 Three Bedroom apartments in this property. The unit mix is 3% Studio, 52% One Bedroom, 41% Two Bedroom, and 4% Three Bedroom apartment rentals. The average bedroom size for Mt Pleasants Apartments is 1.46.

Massachusetts's 7th

Congressional District

98

Total Units

98

Tax Credit Units

98

Project Based Sec. 8 Units

113.6

% of Fair Market Rent

09-Jan-34

Project Based Sec. 8 Contract Expiration

Studio, One, Two, and Three

Unit Mix

1.46

Average Bedroom Size

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† These counts are estimates based on the data available from HUD. Learn More About Our Data