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The Metropolitan is a mixed use 23 story high-rise containing 251 rental and homeownership units, 115 (or 46%) of which are affordable to low and moderate income families. The building was co-developed by Asian Community Development Corporation and E.A. Fish Associates.
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the Metropolitan
The Metropolitan leveraged the experience of Asian Community
Development Corporation (ACDC) in developing Oak Terrace to take
on new challenges: the 5% owner-occupancy rate in Chinatown and
the increasingly expensive cost of housing in Boston’s downtown
core. The result is a mixed use 23 story high-rise containing 251 rental
and homeownership units, 115 (or 46%) of which are affordable to
low and moderate income families. ACDC successfully incorporated
an extraordinary number of affordable units by capturing and
capitalizing on the intrinsic value of the site’s desirable location
overview
As testament to the demand for
affordable units and the desirability
of units within The Metropolitan, over
3000 applicants entered the lottery
for the affordable units in late 2003.
All the affordable rental units have
been occupied since March, 2004.
in downtown Boston, access to a plethora of public transportation options, and existing diversity and density that
allowed the market-rate condominiums to subsidize the affordable housing component.
ACDC partnered with for-profit developer Edward A. Fish Associates (EAFA) to complete development of The Metropolitan
in 2004. The $89 million high-rise project includes 251 rental and homeownership units, 115 of which are affordable
to low and moderate income families. The 133 rental units have rents ranging from $365 for the formerly homeless to
luxury units renting at $2,600 per month and the 138 for-sale condominiums sold at prices affordable to families earning
80% of area median income to prices in excess of $1 million for the penthouse units, the first in the neighborhood.
Additionally, The Metropolitan includes community space for community-based social service groups; street-level retail
and commercial space; and two-levels of underground parking with 283 spaces. The 23-story Metropolitan is the tallest
affordable housing project in the country sponsored by a community development corporation. At 46% affordable and
with over 40,000 square feet of community space for public use and agencies, The Metropolitan certainly reached new
heights of community development.
Asian CommunityDevelopment Corporation
boston, Ma - CoMpleted 2005
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tYpe oF spaCe quantitY gross sq. Ft.
Residential 251 305,007
Rentals 133 151,275
Condominiums 138 153,732
Community Use 32,214
Commercial 7,600
Parking 238 74,974
Total 419,795
prograM
tYpe oF spaCe # units bedrooMs aFFordabilitY
Market rate condominium 84
18 one-bedroom
Market58 two-bedroom
8 three-bedroom
Affordable Condominium 34
8 one-bedroom26.5% at 80% AMI 47% at 100% AMI 26.5% at 120% AMI
20 two-bedroom
6 three-bedroom
Market Rate Rental 52
11 one-bedroom
Market30 two-bedroom
11 three-bedroom
Affordable Rental 81
6 one-bedroom
Up to 60% AMI30 two-bedroom
10 three-bedroom
35 studios
Total 251 138 condos + 133 rentals 115 (46%)
The residential component consists of the following:
The limited partner Sun America Affordable Housing Partners received an annual tax credit amount of
$999,945 for a ten-year period. The credits were calculated at 8.23% of certain expenditures incurred in
connection with building construction. A total of $7,748,799 of tax credit equity was contributed to the
project.
lihtC
“The Metropolitan utilizes the well-respected model of mixed-income development coupled
with the emerging emphasis for mixed-use development to create a dynamic new project that
serves myriad populations successfully within a sound financial structure. The Metropolitan is
the future.” - MassHousing
Asian CommunityDevelopment Corporation
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For sale Condos (10th through 23rd Floors)Individual units (affordable and market-rate) are owned by individual owners.
rental units (2nd through 9th Floors)owned bY rental llC: sun Yi llC (0% interest) + ea Fish assoCiates (100% interest). Rental LLC is the borrower with respect to MassHousing and other debt on the rentals.
aFFordable rentals (scattered throughout)Owned by Community LLC: Sun Yi LLC (.01% interest, ACDC controlled)EA Fish Associates (.01%)Tax Credit Investor (99.98%)
Market rentals (scattered throughout)Owned by Metro LLC, whose members are EA Fish Associates (100% interest)
CoMMerCial Condo (1st Floor)
ACDC office space
BRAoffice space
EA Fish Associates owns remainder of commercial space
garage Condo (underground)Owned by EA Fish Associates
(Parking granted using easements (to the BRA for YES, to BCNC, to residential owners who purchase spaces, 44 spaces for Oak Terrace, and other Chinatown and Bay Village residents).
sourCes aMount
LIHTC (Federal) (3 rounds) $7,748,799
State Funds Affordable Housing Trust (AHT)
State HOME
$2,000,000$750,000
Local Funds City HOME/CDBG
City Demolition ContributionLinkage and Housing (Millenium)BRA LoanBRA Acquisition
$1,500,000$300,000$1,811,159$750,000$920,000
Total Sales $55,324,378
Total Perm Loan $15,248,000
Total Other Sources $3,017,652
FinanCial overview
total developMent Cost $89,369,988
Asian CommunityDevelopment Corporation
Asian CommunityDevelopment Corporation
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38 Oak Street, Boston, MA 02111 | Tel 617.482.2380 | [email protected] | www.asiancdc.org
