Belmont Chambers Limited Equity Housing Cooperative, Inc.
43 Symphony Rd.
Boston, Massachusetts 02115
This information and links may be dated. Please use the
contact information to request the latest and most accurate information.
(If you wish to apply, you will need to
request a paper application, but a copy of our application forms are available as PDF files at the bottom of the page.)
Basic Information:
Introduction
History of the Cooperative
Description of the Building
Eligibility and Membership Requirements
What Ownership Means
Coop Management and Governance
House Rules
A Final Word
Getting an Application
The purpose of this information is to acquaint you with cooperative housing at Belmont Chambers, Inc.. There are other pertinent documents that you may want review including the Co-op Corporation By-laws, Occupancy Agreement and SART Agreement. There are links to them at the bottom of this page.
Belmont Chambers, a limited equity cooperative, is the result of a 1985 reconstruction project of the 75 year old four story masonry building at 43 Symphony Road that had previously been burned and abandoned. Belmont Chambers houses 16 units of studio, one, and two bedroom apartments. Located steps from Symphony Hall and the Prudential Center, Belmont Chambers was created by a nonprofit community organization to provide affordable housing for moderate income individuals and families within a structure that provides owners with control of the building. An innovative financing mechanism uses both private and public funds to provide ownership opportunities to people below the Boston area median income.
The Symphony area in Boston's East Fenway is a densely settled neighborhood of
brick and brownstone row houses - a variety of residential architecture in a central
urban location. For more than two decades, this neighborhood suffered a history
of transience and building neglect. The situation worsened in the early 1970's
when a rash of arson fires and building abandonment caused property values to
decline and general conditions to deteriorate. In addition, the 1970's were a
period of rapid growth for nearby schools such as Northeastern University, The
New England Conservatory, and the Berklee College of Music, and hospitals such
as the Harvard Medical Complex, and institutions such as the Christian Science
Center. This growth in surrounding areas intensified the competition to remaining
housing in the neighborhood and contributed to the existing conditions of forcing
many of the established low and moderate income people to leave the neighborhood.
In response to these combined pressures, the concerted efforts of several neighborhood
organizations have helped turned the neighborhood around. One of these organizations
was Symphony Area Renaissance, Inc. (SARI).
SARI was a nonprofit community organization incorporated in 1978 by neighborhood homeowners, residents, and business people. Its general purpose were to stimulate revitalization of the area, and to recycle vacant properties into affordable housing. Since its founding, SARI has completed the substantial rehabilitation of the four bowfront buildings at 29, 30, 31, and 33 Symphony Rd. Previously burned and abandoned these buildings now contain 22 apartments occupied by low and moderate income individuals.
The tile above was recovered from the original building and installed in the new entry.
Each unit has a floor to ceiling height of 8 feet and contains wall to wall carpeting, linoleum in the bath and kitchen areas, dishwasher (except studios), garbage disposal, cable TV hook-up, storage area, bike room, energy-efficient heat and air-conditioning (at no additional fee), low-rent parking directly behind the building, and on-site laundry facilities.
Located diagonally across the street from the Symphony Road Gardens and steps from Symphony Hall, the Prudential Center, and Fenway Victory Gardens, there is convenient access to the MBTA's Green and Orange lines.
Our lobby is where we have Cooperative meetings and other occasional social events.
One of the goals of the coop is to provide affordable home-ownership opportunities to individuals of diverse backgrounds and ethnicities. We look for people who can make a long term commitment to the coop, and can demonstrate an ability and desire to work cooperatively with their neighbors in sharing the responsibilities in maintaining a self-managed building. We encourage families and minorities to apply.
The basic component of ownership in the Coop is a share. Members of Belmont Chambers own a share of stock in the Belmont Chambers Cooperative Corporation. A proprietary lease on a unit is legally bundled with the share which entitles the member to residence in the unit. When you leave, the Cooperative has the right of first refusal on your share at a price which is set by a Maximum Transfer Value formula. That is, the Coop may buy your share back at its original value plus 5% per year or the Wage Index increase (for the Boston area as reported by the US Department of Labor), whichever is greater. If the Coop does not opt to buy your share, you will be required to sell your unit. Your share will grow in value. You also accumulate equity which you would be unable to do in rental housing. However, you will not realize speculative gains as you might in a traditional ownership situation. Your equity will consist of the downpayment plus your payments on the principal of your share loan, plus the share's value increase. You will also accumulate a small additional amount of equity from contributions to the blanket mortgage on the property.
The deed to the land is held by the Belmont Chambers Cooperative Corporation which consolidated the construction loans, other development costs and temporary loans into blanket mortgages. The payments of these mortgages are included in the carrying charges.
Your monthly Coop payments will consist of two parts. The first part, the carrying charges (or rent), will cover the blanket mortgage, heat/air conditioning, property taxes, insurance for the building, common utilities, and other normal building costs. The second part will be your share loan which may included payments on the principal. Other costs to you will include electricity, telephone, cable TV, personal insurance, repairs, and capital improvements to the interior of your apartment.
Marketing Committee -- plans and implements marketing strategies and advertising
Membership Committee -- screens and recommends applicants for Coop membership
Finance Committee -- creates budget and oversees finances to make sure we're meeting our obligations.
Other committees are formed on an as-needed basis such as security, social, and house project committees. etc.
The work of these committees is crucial in keeping operating costs within or below budget while properly maintaining the building. Every year, the Coop membership must formulate a budget that meets of creditor's approval. The Coop retains professional consultants to assist on technical, financial, and legal matters. Since everyone has a stake, in the form of their carrying charges, expenditures are carefully scrutinized and every attempt in made to ensure that expenditures are prudent and costs affordable. There is an expectation that members will contribute when needed to maintain and enhance the quality of life in the building as the Coop's success depends on member involvement.
Belmont Chambers' modest size and arrangement promotes a sense of community often missing in urban housing, and helps to create an atmosphere of security. At the same time, the Coop is not a commune. Residents' privacy is respected.
1) Cats are allowed with permission of the Board. (No dogs.)
2) No businesses are allowed to be operated out of the building.
3) Only approved occupants may reside in the building/apartment. Roommates and subletting may be permitted, only under certain extenuating circumstances, with the approval of the Board, and for only up to one year. Rental fees are restricted.
4.) Owners must live in the apartment.
Belmont Chambers is an investment that provides home ownership for you and brings you equity, security, and the opportunity to be involved in the decision-making processes that affect your living situation. We feel confident that Belmont Chambers is an excellent home ownership opportunity for those who can not afford or who are not seeking traditional home ownership.
The application process begins with a written application and can take a couple of months. Look here for a checklist of the application process. To get the application package call 617-536-7238 or 617-266-5335 and leave your name and address. Please speak slowly and clearly and spell out your name and street. We'll send you an application and a packet of updated information in 10 days. It may also include the date of an Open House, if planned. You can also reach us by e-mail at: info@belmontchambers.com
Back to Contents
The following links are PDF files that need to be read by Adobe Acrobat Reader or a similiar program. Acrobat Reader is available here.
Application:
Application Checklist
Application Cover Letter
Basic Application
Deposit Verification
Employment Verification
Additional and More Detailed Information:
General Info and Cost Leaflet- May 04
Credit Report Information
Some Eligibility Requirements
Tax Advantages
Phone #s for More Information
How to get on the Mailing List
Marketing Evaluation
Some Legal Documents:
Occupancy Agreement (Lease)
Corporation By-laws
SART Agreement (Affordability Requirements)