Housing Policy Changes

Per Somerville Zoning Ordinance (SZO) section 13.3.3, the Zoning Board of Appeals and Planning Board will review and vote upon policy changes to facilitate the creation of affordable homeownership opportunities under the inclusionary housing program. The first change would revise the calculation establishing the purchase price of units available to households at or below 80%, 110% and 140% of Area Median Income (AMI). The second change would revise the basis for the interest rate to be used in calculating the monthly mortgage loan amount a household can afford. Section13.3.3 of the Ordinance calls for the Special Permit Granting Authority to conduct a public hearing to receive comment prior to adopting any change in these standards.