AFFORDABLE RE-SALE HOMEOWNERSHIP OPPORTUNITY AT ‪88 WHEATLAND STREET‬

Pre-lottery applications available August 13, due August 20

SOMERVILLE – An affordable re-sale homeownership opportunity is available for eligible households with income at or below 80 percent of the Area Median Incomeadjusted by household size and included in the table below. The two bedroom condo at 88 Wheatland St. #3 features a sale price for $138,301 and a monthly condo fee of $400.

Current Maximum Annual Household Income

Number of persons in household

2 Person

3 Person

4 Person

5 Person

80% AMI Gross Annual Income

$64,900

$73,000

$81,100

$87,600

This two bedroom unit will be offered to income eligible, ready buyers through a pre-lottery application, lottery, and income certification process who can enter into a Purchase and Sales (P&S) agreement within 15 days after the City determines their eligibility and the Massachusetts Department of Housing and Community Development (DHCD) approves it. Interested buyers should be prepared to proceed and meet the income eligibility guidelines by collecting their past three years of W2s and federal tax returns, including all schedules and pages, and the most recent three months of all income and asset statements. The City reserves the right to request more income/asset information during the income certification. This property is deed restricted and the sale price is set by formula. Buyers of this unit will be subject to the same equity and resale provisions.

Pre-lottery applications will be available in English, Spanish, Portuguese, and Haitian Creole on Monday, August 13, online via the Inclusionary Housing Program page of the City website or physically at the City Hall Annex located at 50 Evergreen Ave., City Hall located at 93 Highland Ave., and all Somerville Public Library branches. Perspective applicants may also contact Andres Bueno at 617-625-6600 ext. 2584 or by email at: abueno@somervillema.gov to request that an application be emailed.

Complete applications must include a valid MHC-approved first time homebuyer certificate or verification of current enrollment in a first time homebuyer course ending before October 12 and a valid mortgage pre-approval letter for a 30-year fixed mortgage (including an interest rate or interest rate range).

Complete applications must be received by 12 p.m. (noon), Monday, August 20. Applications can be mailed (as long as they arrive by Monday, August 20, at noon) or delivered to Somerville Housing Division, Attn: Andres Bueno, 50 Evergreen Ave., Somerville, MA 02145. Applications may also be faxed to 617-666-8035, Attn: Andres Bueno or emailed to abueno@somervillema.gov.

Two open houses will be held at 88 Wheatland St. next week and will be posted on the City’s calendar as soon as dates and times have been finalized. A public lottery including complete and eligible applications submitted prior to the deadline will be held at 2:45 p.m. on Monday, August 27, at the Somerville Public Library Auditorium located at 79 Highland Ave.

88 Wheatland St. was once an abandoned piano parts factory located in Somerville’s Winter Hill neighborhood. The property at 88 Wheatland includes eight deed restricted units and is a professionally managed development for moderate-income households. The development was completed in 2001 by Somerville Community Corporation with funds from the HOME Investment Partnership Program. The unit at 88 Wheatland St. #3 is a first floor corner unit featuring numerous closets, high ceilings, a washer and dryer, modern kitchen, central air conditioning, and one deeded parking space.

 

Individuals with disabilities who need auxiliary aids and services for effective communication, written materials in alternative formats, or reasonable modifications in policies and procedures, in order to

access the programs and activities of the City of Somerville or to attend meetings, should contact the City’s Manager of Diversity, Equity and Inclusion, Nency Salamoun, at 617-625-6600 x2323 or nsalamoun@somervillema.gov.

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