Somerville Inclusionary Homeownership Opportunity at One Inman Square
Apply by Monday, September 14
Applications are now open for the sale of six deed-restricted condominiums at One Inman Square (121 Prospect St.) to eligible, first-time homebuyers. Units will be sold at below market price through the City of Somerville’s Inclusionary Housing Program.
One-, two-, and three-bedroom units are available and will be offered to households with a yearly gross income at or below 80% of Area Median Income (AMI) at price tier P1, to households between 80% and 110% AMI at price tier P2, and to households between 110% and 140% AMI at price tier P3.
| Unit Number and Tier: | Sale Price: | Minimum 3% Down Payment: | Estimated Initial Condo Fee: |
|---|---|---|---|
| 121 Prospect #102 (1-Bedroom at 80% AMI) |
$210,093 | $6,302.79 | $133.58 per month |
| 121 Prospect #107 (2-Bedroom at 80% AMI) |
$256,244 | $7,687.32 | $239.13 per month |
| 121 Prospect #103 (3-Bedroom at 80% AMI) |
With parking: $297,830 Without parking: $247,830 |
With parking: $8,934.90 Without parking: $7,434.90 |
$265.52 per month |
| 121 Prospect #205 (1-Bedroom at 110% AMI) |
$311,857 | $9,355.71 | $212.74 per month |
| 121 Prospect #303 (3-Bedroom at 110% AMI) |
With parking: $400,855 Without parking: $350,855 |
With parking: $12,025.65 Without parking: $10,525.65 |
$277.06 per month |
| 121 Prospect #207 (2-Bedroom at 140% AMI) |
With parking: $467,297 Without parking: $417,297 |
With parking: $14,018.91 Without parking: $12,518.91 |
$239.13 per month |
| Annual Gross Income Limits | 1 Person | 2 People | 3 People | 4 People | 5 People |
|---|---|---|---|---|---|
| Tier P1 (maximums) 80% AMI |
$96,000 | $109,700 | $123,400 | $137,100 | $148,100 |
| Tier P2 81%–110% AMI |
$96,001–$131,978 | $109,701–$150,832 | $123,401–$169,686 | $137,101–$188,540 | $148,101–$203,623 |
| Tier P3 111%–140% AMI |
$131,979–$167,972 | $150,833–$191,968 | $169,687–$215,964 | $188,541–$239,960 | $203,624–$259,157 |
How to Apply:
Apply now through 5 p.m. on Monday, September 14.
Pre-lottery applications are available online at somervillema.gov/inclusionaryhousing or apply now at maloneyaffordable.com/condominiums/one-inman-square/ .
Completed applications can be emailed to oneinmansquare@maloneyproperties.com, or mailed or delivered to Maloney Properties, Inc. Attn: One Inman Square Lottery, 27 Mica Lane, Wellesley, MA 02481.
For more information on the City’s Inclusionary Housing Program, visit somervillema.gov/inclusionaryhousing.
More About One Inman Square
One Inman Square is a mixed-income development located in Somerville, MA, consisting of 32 condominiums. Six units will be designated as income-restricted. Affordable units will not have any difference in finishes from the market-rate units. Each kitchen shall be equipped with a refrigerator, stove, dishwasher, and microwave. In addition, all units will have an electric washer and dryer in the unit. Owners will be responsible for all utilities, which include electricity (heating/cooling, hot water, cooking & general). Cable & Internet are optional utilities at this property. Buyers of Inclusionary units 103, 207, and 303 shall have a right of first refusal to purchase a parking space at a reduced cost. This development also includes six bicycle spaces that will be reserved for Inclusionary households.
Persons with disabilities who need auxiliary aids and services for effective communication (i.e., CART, ASL), written materials in alternative formats, or reasonable modifications in policies and procedures in order to access the programs, activities, and meetings of the City of Somerville should contact the ADA Coordinator in advance at 617-625-6600 x 2059 or ADA@somervillema.gov.
If you need assistance understanding this information, please contact us at languageaccess@somervillema.gov or call 311 (617-666-3311). The City of Somerville can provide you with an interpreter for free.
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