Mayor Katjana Ballantyne and The Mayor’s Office of Strategic Planning and Community Development (OSPCD), in cooperation with Southville Development Partners, LLC and 115 Thurston, LLC, are pleased to announce the sale of four (4) deed-restricted condominium to eligible, first-time homebuyer households at a below market price through the City’s Inclusionary Housing Program. The units will be offered to households with a yearly gross income at or below 80% Area Median Income (AMI) at price tier P1 and to households between 80% and 110% AMI at price tier P2. 

 

Unit Number and Tier:	Sale Price:	Minimum 3% Down Payment:	Estimated Initial Condo Fee:
28 South #101 (1-Bedroom @ 80% AMI)	$190,459	$5,714	$104
28 South #202 (2-Bedroom @ 80% AMI)	$222,493	$6,675	$121
28 South #305 (2-Bedroom @ 110% AMI)	$316,831	$9,505	$174
115 Thurston #3 (1-Bedroom @ 80% AMI)	$230,723	$6,922	$38

 

Annual Gross Income Limits	1 person	2 persons	3 persons	4 persons	5 persons
Tier P1 (maximums)  80% AMI:	$91,200	$104,200	$117,250	$130,250	$140,700
Tier P2  81% – 110% AMI:	$91,201 – $125,664	$104,201 – $143,616	$117,251 – $161,568	$130,251 – $179,520	$140,701 – $193,882

 

The units will be offered to income eligible, ready buyers through a pre-lottery application, lottery and income certification process. Interested buyers should be prepared to proceed with an income certification. The Housing Division recommends households begin collecting their past three years of W2s, 1099s and federal tax returns, including all schedules and pages, and the most recent three (3) complete, consecutive months of all income and asset statements. The City reserves the right to request more income/asset information during the income certification.  

 

The affordable units are Deed Restricted, and the sale prices are set by formula. Buyers of these units will be subject to equity and resale provisions and annual compliance monitoring. These units may not be used for Airbnb, Vrbo or other short term rentals platforms or services and cannot be leased or subleased. The units must be used as the primary and principal residence of the household.   

28 South is a new, residential development in the Cobble Hill/Boynton Yards neighborhood consisting of nineteen (19) units with a parking garage. Units feature new, state of the art appliances, oversized windows, pendant and recessed lighting, and other modern finishes. Unit 202, a 2BR unit located on the 2nd floor, comes with deeded parking, which is included in the sales price. All units have access to a shared rooftop terrace. Limited bike parking spaces are available in the building. These units will be ready for occupancy upon closing, which is anticipated for Fall/Winter 2024. 

 

115 Thurston St. is a new, residential development in the Winter Hill neighborhood consisting of nine (9) units with a parking garage. Unit 3 features new, state of the art appliances and other modern finishes. The buyer will have access to one (1) deeded parking space, which is included in the sales price. Units will be ready for occupancy upon closing, which is anticipated for Fall/Winter 2024. 

Pre-lottery applications are now available between Tuesday, October 15th, 2024 and Thursday, November 14, 2024 at 12:00 p.m. electronically on the City of Somerville Inclusionary Housing Program website. 

 

Complete applications include: 

A completed application must be delivered to the Housing Division by 12:00 p.m. on Thursday, November 14, 2024 (must be received by this date, not post-marked). 

 

Applications may be mailed to the Inclusionary Housing Program (Housing Division) located at:

City Hall Annex 

50 Evergreen Ave. 

Somerville, MA 02145  

 

Or emailed to: inclusionary@somervillema.gov. Or faxed to: 617-591-3235.