What is 40B?
Chapter 40B is a Massachusetts law, which enables local Zoning Boards of Appeal to approve affordable housing developments under flexible zoning rules in municipalities with less than 10% Subsidized Housing Inventory (SHI).
The current Kings Residences proposal will help Peabody reach the 10% SHI goal.
To learn more, visit:
https://www.mass.gov/service-details/subsidized-housing-inventory-shi
Presentation Source:
https://rutgersrealestate.com/wp-content/uploads/2016/12/Gleason-Presentation1.pdf
Who is eligible?
The statute requires at least 25% of the units to be restricted to occupants earning no more than 80% of the area median income, or 20% of units set aside for persons earning no more than 50% of the area median income. The remaining units are available as offerings at market rates.
What are the post-occupancy responsibilities of 40B and who are the key players?
There are many key players to ensure 40B adheres to strict standards and guidelines for a quality living experience over the longterm. Check out this Powerpoint by Mass Housing to learn more.
How can I get more information if I am interested in living here?
Although this proposal is still in the approval process, we invite you to email us at info@kingsresidencespeabody.com to express interest to ensure you receive updates about the proposal as they arise.
Please also sign the letter of support to help make this proposal a reality!
Case Study Analysis
This Tufts University report examines four case studies of controversial projects developed under Chapter 40B and finds “that the concerns raised by abutters, city and town officials and others during the permitting processes were overstated. In fact, most of the controversy has evaporated since the developments have been built and occupied and there is evidence that in some of the cases, the controversy led to more proactive approaches to affordable housing development.”