Market-Rate Apartment Sales
Sales of the seventy-seven market-rate cooperative units at West End Place are handled through individual real estate brokers, their agents, and the unit’s shareholders. Prospective buyers interested in units currently on the market should contact the real estate agent directly. Once a fully executed purchase and sale agreement has been obtained, it should be sent immediately to the property manager at West End Place to initiate scheduling of the management component of the process. All household adult members of the prospective buyer’s household must complete: a) Housing Application; b) CORI Release Authorization; and, c) Credit Release Authorization. Approval/Rejection of applicant(s) may take up to three weeks after submittal of above forms. (CORI and Credit Authorizations must be signed in the presence of a management staff member upon verification of identification). West End Place utilizes the services of Gilmartin, McGenzie, Camile and Ross for closings.
HOME Program – Affordable Apartment Sales
There are twenty-four HOME Program units at West End Place. The sale price of these unit shares are restricted by the City of Boston’s Department of Neighborhood Development’s HOME Program. In addition, to be eligible to purchase a unit regulated by the program, household income cannot exceed 80% of the median income for the Boston Metropolitan area (adjusted annually). All inquiries related to the HOME Program units should be directed to the Department of Neighborhood Development.
Affordable Apartment Rentals
There are a total of 82 affordable one, two and three bedroom apartments at West End Place Cooperative One. All of these apartments are controlled with Low Income Housing Tax Credits (LIHTC). In addition to the LIHTC, 58 apartments are subsidized by a project based Section 8 contract. All applicants who are considered for an affordable apartment are certified as being income eligible per HUD and LIHTC regulations at move-in and annually thereafter.
Those shareholders residing in a Section 8 apartment pay 30% of their gross annual income in rent and the balance is paid by The Department of Housing and Urban Development (HUD).
The shareholders residing in LIHTC apartments pay a maximum rent which is based on 60% of the Area Median Income (AMI) for the family size published by HUD. The LIHTC rent is fixed, does not fluctuate according to household income; however, it may change according to the AMI.
West End Place Cooperative One maintains a waitlist for all unit sizes and subsidies. Due to the high interest, the waitlist has been closed since May 1, 2011. Applications are not distributed until further notice.