Developer seeks $288,500 to convert 3‑unit house to six units at 12 Benefit St.
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Summary
Project manager Charles Boikwe requested $288,500 from the Trust Fund to complete interior conversion of a boarded three‑unit building into six units; two units will be income‑restricted at 60% AMI for 30 years and one unit will be ADA‑compliant.
The project team for 12 Benefit Street asked the Affordable Housing Trust Fund on Sept. 30 for $288,500 to support conversion of an existing three‑unit dwelling into six rental units without expanding the building footprint.
“Both units will be 60% AMI,” said Charles Boikwe, the project manager; he told trustees two of the six units will be income‑restricted at or below 60% of area median income for 30 years and that one unit will meet ADA accessibility standards.
Boikwe said the renovation is about 60% complete, including rough electrical, plumbing and HVAC; final inspections and a sprinkler installation are planned with a target completion date of Dec. 30 and full occupancy expected by year’s end subject to inspections. He said the project has secured roughly $855,000 through crowd lending and other sources and estimated the after‑rehab value at about $1.35 million.
Trustees asked which specific units would be income‑restricted; Boikwe identified Unit 1 (a two‑bedroom, ADA unit) and Unit 5 (a two‑bedroom, two‑bath unit) as the restricted units.
He also told trustees the project had zoning and planning board conditions to meet for historic or exterior element preservation; lead and asbestos testing has been completed and the team has reports on remediation steps.
The board will review the application as part of Tier 1 scoring; trustees said they would submit scores to staff and return for a follow‑up meeting to consider awards.