Vose Farm Residences is new affordable housing model that makes it possible for working families and individuals to manage their housing cost (including utilities) to be no more than 30% of monthly income. This reasonable approach not only empowers families and individuals, young and older, by ensuring their housing costs are sustainable but also fosters a sense of community and belonging, contributing to the overall well-being and stability of everyone involved.

This is vital for so many individuals and families because it ensures that there’s enough income left to cover other essential needs such as healthy food and meals, preventive healthcare, transportation, education, debt reduction, and savings. This benchmark helps prevent financial stress, reduces the risk of housing insecurity, and promotes a balanced family budget and a stable living situation.

Living by affordable means is smart living and smart planning. Many people employed in healthcare, education, public service, nonprofits, the trades, industry, small businesses, visual and performing arts, often have incomes that qualify. Many retired individuals on fixed income qualify for affordable housing communities.

Vose Farm Residences is made possible through a combination of public/private partnerships, equity investors committed to housing equality, public support, and financial structures that reduce construction and operating costs. This approach to project financing allows for manageable debt service (mortgage payments) that enables rental rates to be offered at various levels below the market average.

Household incomes must first qualify and is based on a percentage of the area median income (AMI). AMI is the mid-point of household income range in a given geographic area. At Vose Farm Residences, the rental rates for 95% of the units are capped for families, individuals, and those age 62 and over who earn up to 50% and 60% of the area median income.