15 Affordable Homeownership Units at ‪275 Foley Street‬ for Alloy at Assembly Row

SOMERVILLE –Mayor Curtatone, the Somerville Office of Strategic Planning and Community Development (OSPCD), and Assembly Row Condominium, Inc. are pleased  to announce an affordable homeownership opportunity for fifteen (15) condos at 275 Foley Street for income-eligible households with a combined gross income at or below 80% or between 81 to 110% of the Area Median Income. Please see the sales prices and descriptions of the affordable units below:

Pre-lottery applications are now available through 2 p.m. on Monday December 10, 2018, electronically on the City of Somerville’s Inclusionary Housing Program website, SEB LLC’s website (lottery agent) 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. You may contact SEB at info@sebhousing.com or at 617-782-6900 to request applications. Complete applications must include: a) a valid MHC approved first time homebuyer’s training class certificate or verification of current enrollment in a first time homebuyers course scheduled to be completed by December 2018 and b) a valid mortgage pre-approval letter for a 30 year fixed rate standard mortgage including an interest rate or interest rate range. A complete application must be delivered to SEB by 2 p.m. on Monday December 10, 2018. Applications may be mailed to SEB at RE: Alloy, 257 Hillside Ave., Needham, MA 02949, scanned to info@sebhousing.com or faxed to 617-782-4500. A public lottery including complete and eligible applications submitted prior to the deadline will be held at 10:30 a.m. on Wednesday, January 9, 2018 at the City Hall Aldermanic Chambers at 93 Highland Ave., Somerville. 

Alloy at Assembly Row is part of a mixed-use building consisting of 122 residential units, and 155 hotel rooms with 22,000 square feet of restaurants and retail. Units feature hardwood flooring in kitchen and living room, Modern European finishes, designer lighting package, full size washer/dryers, stainless steel appliances, gas cooking, high-end cabinetry, Quartz waterfall countertops and glass-enclosed showers. Owners will also have access to the hotel pool, fitness center, clubroom/lounge, study and conference room, rooftop terrace, concierge and dry cleaning delivery. The units also have a video intercom system and access to one free parking space in the Montaje garage next door.

Units will be offered to income eligible, ready buyers through a pre-lottery application, lottery and income certification process. Interested buyers should be prepared to proceed with an income certification and the Housing Division recommends households begin now to collect their past three years of W2s, 1099s 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.

The affordable units are Deed Restricted and the sale price is set by formula. Buyers of this unit will be subject to equity and resale provisions and annual compliance monitoring. Units may not be used for Airbnb, Homeaway other short term rentals and cannot be leased or subleased. Units must be used as the primary and principal residence of the household.

 

The City of Somerville does not discriminate on the basis of race, color, religion, age, national origin, disability or any other protected category. Auxiliary aids and services, written materials in alternative formats, and reasonable modifications in policies and procedures will be provided to qualified applicants and employees with disabilities free of charge, upon request.

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 ADA Coordinator, Nency Salamoun, at the address noted below:

 

Nency Salamoun, JD

NSalamoun@somervillema.gov

(617) 625-6600, Ext. 2323 (Voice)  

(617) 808-4851 (TTY)

 

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