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Jeweled Cross Apartments. Proposed 40B Housing

By
Real Estate Agent with Bedard Realty MA:9044461 RI: 0029015

 

Jeweled Cross Apartments. Proposed 40B Housing

 Again the issue of 40B housing is making the news in North Attleboro. After being rejected earlier in the year for a 45-unit to be located at 9 Hoppin Hill Rd., the New Hampshire based , Great Bridge Properties LLC is proposing to build a 66-unit complex, Jeweled Cross Apartments at the Jeweled Cross site located at 117 South Washington St in downtown North Attleboro. Jeweled Crossing Apartments would consist of two apartment buildings while maintaining the current Jeweled Cross building along with its portico

 

Chapter 40B Housing, also known as the Comprehensive Permitting Law, is a program created by the Commonwealth of Massachusetts to allow developers to override local zoning bylaws in order to increase the stock of affordable housing in municipalities where less than 10% of the housing stock is defined as affordable. North Attleboro’s percent of affordable housing is under 3.

 

The apartments would not be considered subsidized housing but would have rents that are limited so they are affordable to families that have incomes that do not exceed the 60 % of the area’s median income for their family’s size. There will also be one bedroom units that would be attractive to retirees. Also included in the plans are five units which would be equipped for handicapped individuals.

 

Great Bridge Properties owns 425 units of housing managed through a third –party company, in 10 developments, including the Bliss School apartments in Attleboro.

 

Those in favor of 40B point to "growth" and increased residential real estate tax revenue as benefits of the law as well as the construction of some affordable housing units.

 

Those who oppose Chapter 40B claim that the costs to provide municipal services including water & sewer infrastructure, road maintenance, snow plowing, police, fire, K-12 education and other services that can exceed any potential tax revenue

 

Given the past resistance to previous Chapter 40B projects in North Attleboro it will be interesting to see what the outcome of Great Bridge Properties latest proposal will be.

 

Posted by
Jim Sinnott
Realtor
Graduate of Real Estate Institute,GRI

Bedard Realty
500 East Washington Street
North Attleboro, MA02760
cell: 508-944-1274
office 508-699-5588
 
 
 
 
 
 
 
 
 Licensed in MA and RI
 
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