Oak Terrace
888 Washington Street
Boston, Suffolk County, Massachusetts 02111

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Funding Programs

Oak Terrace was developed and operates with Federal housing financing. The property utilizes the Low Income Housing Tax Credit Federal housing program to make rent affordable to lower income tenants.

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 1993. The property was placed in service in 1995. 60 of 88 units at Oak Terrace are low income and subject to the tax credit program. The property, at the time of the tax credit allocation, was located in a Qualified Census Tract and a Difficult Development Area qualifying it for additional tax credit financing.

Overview

Oak Terrace 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).

Oak Terrace is an apartment community containing 88 rental units. The property contains 213 bedrooms and based on typical apartment occupancy limits, Oak Terrace is home to not more than 419 persons when fully occupied.

Rental Subsidies

This property does not provide any Federal rent subsidies to renters reducing total tenant payments to 30% of their adjusted income. Renters are required to pay the full rent, even if it is in excess of 30% of their income. In some cases the property may accept Section 8 Housing Choice vouchers.

Unit Mix

Oak Terrace contains a mix of 88 assisted one, two, three, and four bedroom apartments for rent. There are 14 One Bedroom, 32 Two Bedroom, 33 Three Bedroom, and 9 Four Bedroom apartments in this property. The unit mix is 16% One Bedroom, 36% Two Bedroom, 38% Three Bedroom, and 10% Four Bedroom apartment rentals. The average bedroom size for Oak Terrace is 2.42.

Massachusetts's 7th

Congressional District

88

Total Units

60

Tax Credit Units

One, Two, Three, and Four

Unit Mix

2.42

Average Bedroom Size

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