SCC has now purchased 45 units in 10 properties ranging in size from two-family properties to a 16-unit property. These units have been permanently removed from the speculative market. The ongoing effort has also prevented the displacement of 26 households, including five households in danger of losing their mobile Section 8 voucher. Five units purchased will serve homeless families and individuals.
Between December 2017 and January 2018 SCC closed on a 501c3 bond issued by Mass Development with East Boston Savings Bank as the participating lender. This enabled the direct purchase of three properties, the permanent financing of another three properties and the permanent refinancing of four properties at a very favorable rate.
The cornerstone subsidy for this program is the City of Somerville’s Community Preservation Act. And many thanks are due to the Somerville Affordable Housing Trust Fund, the Somerville Community Preservation Committee and Mayor Joseph Curtatone’s Administration for making this possible. Many thanks are also due to the Massachusetts Housing Investment Corporation (MHIC) for providing an acquisition credit line that enables SCC to compete for purchases in the Somerville market.