South Cove Apartments
230 Stuart St
Boston, Suffolk County, Massachusetts 02116

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Funding Programs

South Cove 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

South Cove Apartments has a project-based Section 8 contract. 229 of the 231 total units at the property receive Section 8 assistance. This means that 99% 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 11, 2003 and the contract expires on January 10, 2023. The Section 8 contract rent is 217.3% of the Fair Market Rent for the area. According to the HUD Multifamily database, the fair market rents for the area are $1,261.00 for One Bedroom and $1,567.00 for Two 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. . 229 of 231 units at South Cove 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

South Cove 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).

South Cove Apartments is an apartment community containing 229 rental units. The property contains 265 bedrooms and based on typical apartment occupancy limits, South Cove Apartments is home to not more than 433 persons when fully occupied.

Rent Subsidies

South Cove 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

South Cove Apartments contains a mix of 229 assisted one and two bedroom apartments for rent. There are 193 One Bedroom and 36 Two Bedroom apartments in this property. The unit mix is 84% One Bedroom and 16% Two Bedroom apartment rentals. The average bedroom size for South Cove Apartments is 1.15.

Massachusetts's 7th

Congressional District

229

Total Units

229

Tax Credit Units

229

Project Based Sec. 8 Units

229

Senior Units

217.3

% of Fair Market Rent

10-Jan-23

Project Based Sec. 8 Contract Expiration

One and Two

Unit Mix

1.15

Average Bedroom Size

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