Affordable Housing Opportunities in Somerville

On January 6, 2018, in Latest News, by The Somerville Times

DEADLINE EXTENDED TO 1/9: Two Income-Restricted Condos Offered to Eligible First-Time Homebuyers via Application and Lottery Process

The City of Somerville works with private and nonprofit developers to create affordable housing opportunities for renters and homebuyers. Click on the tabs below to learn about affordable housing and other programs for income-eligible residents.

You can also search for affordable rentals and home ownership opportunities using the MassAccess website.

The Somerville Affordable Housing Trust Fund helps preserve and create affordable rentals and homes in Somerville. All projects and programs benefit low to moderate income families that are at or below 110% of the area median income. The Trust makes it possible to offer many of the rental and homeownership opportunities you’ll find on this page. You can learn more about the Trust Fund here.

Two Income-Restricted Condos Offered to Eligible First-Time Homebuyers via Application and Lottery Process

Winter Storm Update: Please note that the Flatiron homeownership application deadline has been extended to Tuesday, Jan. 9th at 10 p.m.

Mayor Curtatone and DG/ Realty Development are pleased to announce two (2) income-restricted condos will be offered to eligible first-time homebuyers through the Inclusionary Housing Program via an application and lottery process. See our i

Unit 203 – 2 Bed / 2 Bath at 80% Area Median Income (AMI) for $180,137

Unit 303 – 2 Bed / 2 Bath at 110% AMI for $268,824

The Flatiron @ Union Square – 70 Prospect St, Somerville

Maximum annual gross income limit:

80% AMI: 2 people $62,550 / 3 people $70,350 / 4 people $78,150
110% AMI: 2 people $86,328 / 3 people $97,119 / 4 people $107,910

Minimum Household Size: 2 Persons

Asset Limit: $250,000 excluding retirement accounts

Other eligibility requirements:

Units must be buyer’s primary residence and will be subject to annual monitoring
Units subject to Affordable Housing Restriction in perpetuity
Applicants must have a first-time homebuyers certificate or be enrolled in a course
Head of households claiming full-time student status are not eligible

Winter Storm Update: Please note that the Flatiron homeownership application deadline has been extended to Tuesday, Jan. 9th at 10 p.m.

Application deadline: Friday, January 5th, 2018 10:00 am @ City Hall Annex – 50 Evergreen Avenue, Somerville, MA 02145 (Only complete applications will be included in lottery)

Lottery: Friday, January 19th 2018

The application and additional information are available in this Information Package.

For more information please contact Ithzel Polanco at ipcabadas@somervillema.gov / 617-625-6600 x2586 or Seamus Lynch at slynch@somervillema.gov / x2588

For more info visit https://www.somervillema.gov/departments/programs/inclusionary-housing-program#tab/1