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Monday, September 30, 2013

Affordable 2 Bedroom Condo

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 1st 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.

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