Income-based units are priced lower than the market rate — but only marginally in some cases. An income-based studio apartment will start at $1,864 per month, about $20 cheaper than the market rate of $1,885, according to Monroe. One-bedroom apartments will start at $1,966, and two-bedroom units will start at $2,248, compared with market rates of $2,184 and $3,188, respectively.
The council had previously voted against the tax exemption during its Jan. 9 meeting. The new resolution contains a requirement for the property owner to include information about the income-based units on any advertising or marketing materials.
The Broadstone Apartments are one of 41 active multifamily tax exemption projects in the city. The purpose of the exemption is “to accommodate future population growth, provide places to live close to employment, shopping, entertainment, and transit services and encourage more affordable housing,” as stated in the city’s program manual.