$11.4 Million Tax-Exempt Bond From MassDevelopment Helps Preserve, Renovate Affordable Housing in Somerville
January 7, 2021
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-694-9695 (cell)
Lizzie Devane, Somerville Community Corporation, 978-807-9190 (cell)
MassDevelopment has issued an $11,444,274 tax-exempt bond on behalf the Somerville Community Corporation, Inc. (SCC), a nonprofit that supports low- and moderate-income Somerville residents by promoting and preserving affordable housing. SCC will use bond proceeds to refinance previously issued debt used to buy and preserve the affordability of 69 housing units in multifamily facilities at various locations in Somerville, as well as complete renovations to several of the facilities. The organization acquired the housing units as part of its “100 Homes Initiative” – a project launched in 2015 to help SCC buy and secure the long-term affordability of Somerville properties. East Boston Savings Bank purchased the bond.
“By purchasing and preserving the long-term affordability of housing units in Somerville, the Somerville Community Corporation is working to keep the city vibrant and accessible to all,” said MassDevelopment Executive Vice President of Finance Programs Laura Canter. “MassDevelopment is pleased to be a partner in this effort.”
In 2018, MassDevelopment issued a $6.9 million tax-exempt bond on behalf of the Somerville Community Corporation to help the organization buy and renovate nine units of affordable multifamily housing in Somerville.
The Somerville Community Corporation is a nonprofit organization that has served the City of Somerville’s at-risk and low-income residents since 1969. SCC provides community organizing leadership and affordable housing, financial stability, and economic opportunity services in order to create a more equitable and inclusive city. In its 50-year history, SCC has completed more than 20 affordable housing projects, resulting in more than 100 ownership units and 219 rental units. Through its programming and services, SCC has helped thousands of people gain financial stability and be able to continue to call Somerville home.
“SCC is grateful to MassDevelopment for their support of this program and looking forward to strengthening our 100 Homes portfolio,” said Somerville Community Corporation CEO Gonzalo Puigbo. “This financing advances a crucial part of our strategy to keep Somerville affordable and inclusive. We are grateful to everyone who worked on this financing and to our partnership with MassDevelopment.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.