Community Corner
Medfield02052: Gatehouse Application for Tax Credits
The Board of Selectmen received a large binder from the Gatehouse Group containing its tax credit application for the affordable housing project proposed on West Street.
The following is taken from Selectman Osler "Pete" Peterson's personal blog, Medfield02052.
I have just finished looking over Gatehouse's Application for tax credits that the town received this week. Let me know if anyone wants to look it over.
It is in a 5" notebook that I guess contains 1,000 pages.
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My major take away was how much money there is for Gatehouse via those tax credits. For the first phase, which is the first half of the project, the Federal tax credits were about $8.5m. and the state tax credits were about $3.4m. For that first phase, of half the project, the sources and uses summary shows costs of about $13m., most of which are paid for by those tax credits. The permanent financing was put at only $750,000.
The other thing that especially interested me was the chart showing that the rents will be subsidized by 30% for most and by 60% for the five most subsidized units. A $1500 apartment actually will rent for either around $1000 or $500.
