About the Event

Event Thursday, September 27, 2018 - 6:30pm - 7:30pm

Location

Cross Street Center
165 Broadway

Mayor Curtatone and 351 Summer LLC are pleased to announce four (4) income-restricted homeownership condos located at 353 Summer Street. The units will be offered to income-eligible, first-time homebuyers through the Inclusionary Housing Program via an application and lottery process. Income eligibility requirements and details regarding the units are listed below:

Unit Descriptions and Price

No. of Units

Unit Type

Sales Prices*

Monthly Condo Fee**

No. of Bathrooms

Approx. Size (Sq. Ft.)

Minimum Household Size

80% Area Median Income (AMI) Units

1

2BR (202)

$178,683

$107

1

956

2

1

2BR

(307)

$178,683

$107

2

1033

2

110% AMI Units

1

1BR

(105)

$216,216

$129

1

663

1

1

2BR

(204)

$247,205

$148

2

1055

2

*There are four (4) deeded parking spaces in the garage

**Condo fees are set by the Condo Association going forward and are subject to changes

Income Eligibility Requirements

MAXIMUM Gross Annual Income Limits

Household Size

80% AMI Units

81-110% AMI Units

1

$56,800

$56,801 – $83,006

2

$64,900

$64,901 – $94,864

3

$73,000

$73,001 – $106,800

4

$81,100

$81,001- $118,580

5

$87,600

$87,601- $128,066

Head of households cannot be full-time students; units subject to Affordable Housing Restriction in perpetuity

Eligibility Requirements

  • Must be first time-homebuyer and income eligible household
  • Unit must be buyer’s primary and principal residence, units cannot be rented
  • Units are subject to Affordable Housing Restriction in perpetuity
  • Restrictions regarding equity and resale of the units apply
  • Applicants must have a first --time homebuyers certificate or be enrolled in a course that is scheduled to end by December 2018
  • Heads of households who are full-time student status are not eligible
  • Asset limit of $250,000

Minimum Household Size

Applicants must be in a household with 1 or more people, as determined by the number of bedrooms in the unit to be eligible to apply for a 1 or 2-bedroom unit. One person households may not apply to purchase two-bedroom units unless they are eligible for a reasonable accommodation.

Applications were made available Tuesday August 28th, 2018 at 11:00AM upon the conclusion of the first information session (see details below). They are available at City Hall, the City Hall Annex, all three branches of the Somerville Public Library, online, and by email. For more information, please see the below flyers in English, Spanish, Portuguese and Haitian Creole.

Flyers

Application Timeline

  1. First Information Session for 353 Summer Street: 10:00AM-11:00AM on Tuesday August 28th, 2018 at the VNA located at 259 Lowell Street, Somerville. 
  2. Applications Available for 353 Summer Street: 11:00AM on Tuesday August 28th, 2018.
  3. Second Information Session for 353 Summer Street: 6:30PM-7:30PM on Thursday September 27th, 2018 at the Cross Street Senior Center located at 165 Broadway, Somerville.
  4. Application Deadline for 353 Summer Street: 10:30AM on Friday October 26th, 2018. Applications must be submitted to the City Hall Annex at 50 Evergreen Ave., Somerville, MA 02145. Only completed applications will be included in the lottery.
  5. Lottery for 353 Summer Street: 6:30PM on Thursday November 15th, 2018 at the Cross Street Senior Center located at 165 Broadway, Somerville.

If you have any other questions please contact Andres Bueno, Program Specialist at 617-625-6600 ext.2584 or [email protected].

Cost: FREE

Accessible

Need special assistance? Request accommodations

Add to Calendar 09/27/2018 06:30:00 PM 09/27/2018 07:30:00 PM America/New_York 353 Summer Street Affordable Homeownership Pre-Lottery Information Session #2

Mayor Curtatone and 351 Summer LLC are pleased to announce four (4) income-restricted homeownership condos located at 353 Summer Street. The units will be offered to income-eligible, first-time homebuyers through the Inclusionary Housing Program via an application and lottery process. Income eligibility requirements and details regarding the units are listed below:

Unit Descriptions and Price

No. of Units

Unit Type

Sales Prices*

Monthly Condo Fee**

No. of Bathrooms

Approx. Size (Sq. Ft.)

Minimum Household Size

80% Area Median Income (AMI) Units

1

2BR (202)

$178,683

$107

1

956

2

1

2BR

(307)

$178,683

$107

2

1033

2

110% AMI Units

1

1BR

(105)

$216,216

$129

1

663

1

1

2BR

(204)

$247,205

$148

2

1055

2

*There are four (4) deeded parking spaces in the garage

**Condo fees are set by the Condo Association going forward and are subject to changes

Income Eligibility Requirements

MAXIMUM Gross Annual Income Limits

Household Size

80% AMI Units

81-110% AMI Units

1

$56,800

$56,801 – $83,006

2

$64,900

$64,901 – $94,864

3

$73,000

$73,001 – $106,800

4

$81,100

$81,001- $118,580

5

$87,600

$87,601- $128,066

Head of households cannot be full-time students; units subject to Affordable Housing Restriction in perpetuity

Eligibility Requirements

  • Must be first time-homebuyer and income eligible household
  • Unit must be buyer’s primary and principal residence, units cannot be rented
  • Units are subject to Affordable Housing Restriction in perpetuity
  • Restrictions regarding equity and resale of the units apply
  • Applicants must have a first --time homebuyers certificate or be enrolled in a course that is scheduled to end by December 2018
  • Heads of households who are full-time student status are not eligible
  • Asset limit of $250,000

Minimum Household Size

Applicants must be in a household with 1 or more people, as determined by the number of bedrooms in the unit to be eligible to apply for a 1 or 2-bedroom unit. One person households may not apply to purchase two-bedroom units unless they are eligible for a reasonable accommodation.

Applications were made available Tuesday August 28th, 2018 at 11:00AM upon the conclusion of the first information session (see details below). They are available at City Hall, the City Hall Annex, all three branches of the Somerville Public Library, online, and by email. For more information, please see the below flyers in English, Spanish, Portuguese and Haitian Creole.

Flyers

Application Timeline

  1. First Information Session for 353 Summer Street: 10:00AM-11:00AM on Tuesday August 28th, 2018 at the VNA located at 259 Lowell Street, Somerville. 
  2. Applications Available for 353 Summer Street: 11:00AM on Tuesday August 28th, 2018.
  3. Second Information Session for 353 Summer Street: 6:30PM-7:30PM on Thursday September 27th, 2018 at the Cross Street Senior Center located at 165 Broadway, Somerville.
  4. Application Deadline for 353 Summer Street: 10:30AM on Friday October 26th, 2018. Applications must be submitted to the City Hall Annex at 50 Evergreen Ave., Somerville, MA 02145. Only completed applications will be included in the lottery.
  5. Lottery for 353 Summer Street: 6:30PM on Thursday November 15th, 2018 at the Cross Street Senior Center located at 165 Broadway, Somerville.

If you have any other questions please contact Andres Bueno, Program Specialist at 617-625-6600 ext.2584 or [email protected].

Cross Street Center
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