BOSTON-New Boston Fund is launching a policy that is the multifamily equivalent of the 90-day foreclosure moratorium that has been proposed in Congress. Tenants in good standing that have been in the property at least six months can receive a three-month rent abatement if the primary wage-earner is laid off. After that time period, the tenant either has to begin paying rent again or move out. If the tenant has found a new job, he or she can extend the lease as compensation to the New Boston.

Beyond the obvious signs of national financial distress, the company has been receiving signals from tenants that the economy is wearing on their finances, Gary Hofstetter, president, New Boston Management Services, tells “I receive internal reports from ten locations around the country and job security has become a huge issue for tenants who are leaving or not taking apartments.”

Besides doing its bit to support the economy, New Boston is hoping to establish a little customer loyalty with the program. A lot of its apartment buildings are workforce housing; these tenants are directly affected by such events as Circuit City’s bankruptcies, he says.

The program will run through April 30, 2009, although Hofstetter says it will be extended if necessary. “I am hoping the crisis will be over by then,” he says. Participating residential properties on the Eastern Seaboard include Montpelier Crossing, Laurel, MD; The Gates of West Bay, Norfolk, VA; Windshire Terrace, Middletown, CT; Washington Crossing, Woburn, MA; The Lodge, Sandy Springs, GA; The Preserve, Tampa, FL and Cameron Lakes, Clearwater, FL.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.