SCC is accepting applications for two 2-bedroom condominiums available to first-time homebuyers making between 81% and 110% of Area Median Income. Applications must be received by Friday, January 29th, 2021. Buyers will be selected by a lottery to be held virtually on Thursday, February 4th, 2021.
The Somerville Community Corporation is pleased to announce the sale of two (2) deed restricted condominiums to income eligible, first-time homebuyer households at a below market price with support from the City of Somerville Community Preservation Act. Both units will be offered to households earning between 81% and 110% of the Area Median Income.
The building is located between Union Square and Assembly Row with shopping and restaurants right at your fingertips. It is also only 700 ft from the future Washington Street Green Line Stop and walking distance to neighborhood schools.
Units have extra high ceilings, oversized windows, modern white kitchen cabinetry, stainless steel appliances, laminate wood flooring, tiled shower/bath combo, in-unit laundry, and private patio or balcony. All units include one parking space per unit. The parking spaces cannot be sold separately from the unit. Both of the units are two-bedrooms and are only available to households with a minimum of a two people. These units are adaptable and will be ready for occupancy upon closing, which is anticipated for Spring 2021.
Unit Information1 and Sales Prices
Floor | Unit # | Local Pref.1 | Bedroom Count | Minimum Household Size | Square Feet | % AMI | Sales Price | Monthly Condo Fee2 | Estimated Taxes3 | Minimum Required Down Payment |
1 | 101 | Local | 2 | 2 | 780 | 110 | $397,300.84 | $208.38 | $334.00 | $19,865.04 |
102 | Open | 2 | 2 | 780 | 110 | $397,300.84 | $208.38 | $334.00 | $19,865.04 |
1 Certain units will be designated as local preference units – Residents of Somerville and people who work full time in Somerville will be given preference in the lottery for units with a designated local preference. There will no preference for Somerville residents or people who work full time in Somerville for units not designated as having a local preference.
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2 Monthly condo fees are set for the initial year but are subject to change thereafter by the 163 Glen Street Condo Association. The fees are based on the condo budget and percentage interest associated with the value of the home.
3 This is a monthly estimate for taxes. Households are eligible to apply with the City of Somerville’s Assessing Department for an exemption after residing in this unit and filing taxes there. With an exemption your taxes will decrease according to then current rate. For fiscal year 2019 the residential tax rate proposed is $10.09 per thousand dollars value. The condominiums are not a market rate unit and will not be valued according to the market, but instead according to the below market rate price listed in the table above. For more information on taxes, contact the Assessing Department.
Eligibility Requirements:
- Households must meet the household size requirements
- Household income must exceed the minimum gross annual income requirement and be below the maximum gross annual income limit for that unit
- Household assets must be below the asset limit
- Households must get a pre-approval letter for a 30-year, fixed mortgage
- All members of the household must be first time homebuyers
- Heads of household cannot be full-time students
Application Deadline: Friday, January, 29th, 2021 at 5pm
Virtual Lottery: Thursday, February 4, 2021 at 11:00 AM (link to view lottery to be shared)
Information packets and applications also available at 337 Somerville Ave., Somerville, MA 02143 inside the door on your left.
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Applications can be submitting in the following ways:
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- Deliver to the Somerville Community Corporation mailbox located on the 1st floor of 337 Somerville Ave., Somerville, MA 02143 on your left when you enter the door.
- Email to abob@somervillecdc.org
- Mail one week prior to the deadline to ensure it arrives by 5 PM on 1/29/21
Attention: SCC Real Estate Department, 337 Somerville Ave. 2nd Floor, Somerville, MA 02143.