Available Affordable Homeownership Opportunity

On behalf of Mayor Joseph A. Curtatone, the Housing Division is pleased to announce the availability of a 2 bedroom, 2 bath unit for purchase located at 181 Cedar Street. The condominium is new construction and is offered through the City's Inclusionary Housing Program.

Unit #4 is a two bedroom, two bathroom unit being offered at a price of $170,380 to an income eligible household with a minimum of two people. The unit is restricted to households earning up to 80% of Area Median Income. The Area Median Income limit for a household of two people is $53,900 and for a household of three people, it is $60,650. Please note that these income limits are gross income limits.

Requirements to Apply:

• Households making up to 80% Area Median Income. 
• Must be a first time homebuyer household (cannot have owned a home, or an interest in a home, in the preceding 3 years)
• Must be a minimum household of two people
• Must have taken or be enrolled in a first time homebuyer training class (http://www.chapa.org/looking-for-housing/homebuyer-workshops). Certificates of Completion of a First Time Homebuyer Training Class must be within 3 years of the date of application to be eligible.

 Eligible buyers may also be eligible to access up to $5,000 in Closing Cost Assistance from the City of Somerville. Eligibility requirements apply.

Timeline to Apply:

•  A mandatory information will be held on Thursday, October 3, 2013 at  6pm at the Somerville Central Library at 79 Highland Ave. in the 1^st floor meeting room.
•  The application deadline is 4 pm on Thursday, October 24, 2013. Incomplete applications will not be considered.

Documents Required for a Complete Application:

• Completed application
• Current mortgage pre-approval from any lending institution for a 30 year fixed rate standard mortgage
• Completed first time homebuyer certificate or documentation of enrollment in a first time homebuyer training class
• Evidence that you live or work full-time in Somerville.  This can be a copy of a lease, a utility bill or a current paystub.

Please contact me with any questions.

Vicki

Vicki Wairi

Program Specialist

City of Somerville

Office of Strategic Planning and Community Development

Housing Division

50 Evergreen Av

Somerville, MA  02145

617.625.6600 x 2588

617.666.8035  fax