Symphony Plaza East
334 Massachusetts Ave
Boston, Suffolk County, Massachusetts 02115

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Funding Programs

Symphony Plaza East 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

Symphony Plaza East has a project-based Section 8 contract. 188 of the 188 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 June 01, 2000 and the contract expires on May 31, 2020. The Section 8 contract rent is 212.2% 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, 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. . 187 of 188 units at Symphony Plaza East 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

Symphony Plaza East 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).

Symphony Plaza East is an apartment community containing 188 rental units. The property contains 147 bedrooms and based on typical apartment occupancy limits, Symphony Plaza East is home to not more than 287 persons when fully occupied.

Rent Subsidies

Symphony Plaza East 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

Symphony Plaza East contains a mix of 188 assisted studio, one, and two bedroom apartments for rent. There are 54 Studio, 121 One Bedroom, and 13 Two Bedroom apartments in this property. The unit mix is 29% Studio, 64% One Bedroom, and 7% Two Bedroom apartment rentals. The average bedroom size for Symphony Plaza East is 0.78.

Massachusetts's 7th

Congressional District

188

Total Units

187

Tax Credit Units

188

Project Based Sec. 8 Units

212.2

% of Fair Market Rent

31-May-20

Project Based Sec. 8 Contract Expiration

Studio, One, and Two

Unit Mix

0.78

Average Bedroom Size

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