With city help, Mattapan apartment complex gets new owner, which will turn all the units 'affordable'

The Dorchester Reporter reports that Related Beal is buying out the current majority owner of the 347-unit Fairlawn Estates development in Mattapan and will change the 12-building property's deed to ensure all the units stay affordable permanently. 

Boston contributed $10 million from its affordable-housing fund towards the $100-million purchase price to help ensure residents of the complex - once rebranded SoMa at the T in a bid to attract higher-paying tenants - can stay. The city is also giving Related Beal a $1-million loan from its new Boston Acquisition Fund to start a planned $7-million renovation project.

The city's agreement with Related Beal means half the apartments will be reserved for people making no more than 60% of the Boston area median income; the other half for people making no more than 80% of that amount. Also, rent increases will be limited to a maximum of 2% a year.