Oak
Terrace
Boston's
Chinatown
Introduction
The Developer
The Resident
Neighborhood
The Numbers
 |
| Community mural, Oak Street Chinatown. The mural was recently razed to make way for a new Chinatown housing development. |
The
Numbers
(Based on final budget figures.)
| Sources | |
| Federal Home Loan Bank of Boston AHP Subsidized Advance |
$250,000
|
| Federal Home Loan Bank of Boston AHP Direct Subsidy |
250,000
|
| Massachusetts Housing Finance Agency |
5,016,300
|
| Community Development Action Grant |
500,000
|
| Boston Redevelopment Authority/SPONSOR Acquisition Loan |
1,500,000
|
| Neighborhood Housing Trust |
1,325,000
|
| Net Syndication Equity |
4,929,523
|
| Other Community Grant |
125,000
|
| Miscellaneous |
3,228
|
| Total Project Development Sources |
$13,899,051
|
| Uses | |
| Land |
$1,500,000
|
| Construction Costs |
9,411,000
|
| Construction Contingency |
261,620
|
| Architect Design and Supervision |
563,474
|
| Legal Fees |
175,000
|
| Financing Fees |
219,876
|
| Accounting and Cost Certification |
20,000
|
| Development Consultant |
325,000
|
| Real Estate Taxes |
31,865
|
| Insurance |
16,540
|
| Massachusetts Housing Finance Agency Construction Interest |
259,632
|
| Engineering |
87,600
|
| Marketing and Rent-up/Leasing |
73,500
|
| Development Management/Overhead |
225,000
|
| Clerk of the Works |
74,200
|
| Appraisal Fee/Seed Money Interest |
10,321
|
| Title and Recording |
22,200
|
| Interest Costs |
470,094
|
| Soft Cost Contingency |
81,260
|
| Preclosing Cost |
70,869
|
| Total Development Costs |
$13,899,051
|