At the Planning Board meeting last Thursday, we learned that of the 70 units in the proposed Mill Street Lofts, 9 would be reserved for households with incomes up to 30 percent of the area median income (AMI), 54 would be for households with incomes up to 60 percent of the AMI, and 7 would be for households with incomes up to 100 percent of the AMI. We also learned that there would be 43 one-bedroom apartments, 21 two-bedroom apartments, and 6 three-bedroom apartments. Information about how many apartments of each size were designated for each income level was not provided at that time.
Today, the information about unit size and AMI was made available on the Planning Board Portal. The following charts are part of the information provided. The first shows how many units of each size are designated for each income level. The second shows the maximum income in each level for household size. It should be noted that although last Thursday Sean Kearney said that the cap for the higher income category was 100 percent of AMI, it seems it is actually 110 percent of AMI. (Click on the second image to enlarge.)
Rents for the apartments have not been disclosed. Presumably they will be one-third of a household's monthly income, but that has not been confirmed.
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