A Jamaica Plain apartment building housed low-income tenants under an affordable housing law for four decades, but a debate is now brewing over what should happen to the building now that the law's restrictions have ended.
housed low-income tenants under an affordable housing law for four decades, but a debate is now brewing over what should happen to the building now that the law's restrictions have ended.Paul Clayton, who heads the investor group that owns the Forbes building, is seeking millions in city and state aid to renovate the building and government subsidies to keep rental units affordable.
The Forbes is the city's last 13A building with an uncertain fate, and negotiations come as landlords throughout the city face pressure from the housing market to raise rents."I didn't know this 13A [law] was going to come up, finish off, so I can't afford to pay market-rate rent," says George O'Keefe, a former 13A resident and a retired state employee who relies on pension payments to pay his reduced rent.
Still, investors expect to get market rate money for the building, or at least find funding to cover their losses if they keep units affordable for low-income tenants, says Sacks.Clayton has a grand plan to buy out the current investors, renovate the building and make all 147 units affordable — a proposal that requires government funding, Sacks says.
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