Student housing project approved in Worcester

The Worcester City Council approved tax-relief for a $32.7 million housing project for college students. A large part of the agreement with the developer was over handling of exempted real estate taxes and receipt of various state tax credits.

Rather than being provided an 80 percent real estate tax exemption over a 10-year period, the...

Continue reading…

With urban growth may come changes in environmental laws

As Boston has grown, so have its surrounding neighborhoods. In fact, according to the Boston Development Authority, the city has grown to twenty-six neighborhoods. Even more notable is that over half of those communities were once separate towns. The City of Boston gradually annexed them over time. The BDA has addressed the changing environmental concerns...
Continue reading…

Worcester v. nonprofits

There is no doubt that Worcester values its institutions of higher learning. City leaders frequently boast of the educated work force the colleges and universities have produced. But those same leaders have also shaken their heads in frustration with the schools that have tax-exempt status and the legal ability to flout zoning laws.

As those...

Continue reading…

Tips for navigating commercial real estate transactions

A real estate attorney knows that there can be complicated legal issues associated with a real estate transaction. For example, readers may be aware that selling a home may involve paying capital gains tax on its appreciation. With a real estate investment, however, depreciation may work differently. Buildings purchased for the purpose of investment can...
Continue reading…

Can equity influence a real estate transaction?

According to a recent report, home equity lending is up by over twenty percent from a year ago.

Specifically, one real estate data firm examined lines of credit issued to homeowners who wanted to leverage some of their home equity. Across the country, nearly 798,000 home equity lines of credit, or HELOC loans, were issued...

Continue reading…

Issues affecting affordable housing development projects

Boston Mayor Marty Walsh recently released his first official housing plan. The report calls for more developers of middle-class housing projects and includes several strategies for attracting them, such as property tax incentives and land deals. 

The local administration hopes to spur more construction of middle-class housing based on recent real estate trends. According to...

Continue reading…

More issues impacting commercial real estate transactions

Although it may be easy to understand the desire to preserve historical structures, disagreements can arise in their classification. In the context of land use and zoning, such efforts may impose a height restriction on skyscrapers or other commercial development projects. 

Yet zoning is but one potential issue facing commercial developers. Some commentators question whether...

Continue reading…