Somerville Housing Corporation Preserves Affordable Housing With MassDevelopment Bond
April 17, 2018
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Scott Hayman, Somerville Community Corporation Inc., 617-410-9914
MassDevelopment has issued a $6.9 million tax-exempt bond for 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 buy and renovate nine units of affordable multi-family housing in Somerville as part of the corporation’s “100 Homes Initiative,” which launched in 2015 to help SCC buy and secure the long-term affordability of Somerville properties. SCC also used bond proceeds to refinance previously issued debt, and East Boston Savings Bank purchased the bond.
“Massachusetts residents need safe, secure, and affordable homes in order to start families, launch careers, and live successful lives,” said MassDevelopment President and CEO Lauren Liss. “We are proud to support SCC’s work to increase access to housing that is affordable to Somerville residents of all economic backgrounds.”
SCC started in 1969 as a multi-service center assisting low-income Somerville residents. As Somerville’s real estate market has heated up in recent decades, SCC has adopted a core mission to create as much opportunity for low- and moderate-income residents as possible in a changing market. SCC has developed more than 100 affordable ownership units and 264 rental units while advocating for policies to support housing and jobs for low- and moderate-income residents. SCC also provides financial and employment services to help those residents thrive in the community.
“In a densely-built city like Somerville with an old housing stock that is rapidly increasing in value, the 100 Homes program is a critically-needed effort to capture existing housing to provide long-term affordability for our residents,” said SCC CEO Danny LeBlanc. “Without partners like MassDevelopment and others, 100 Homes would not be possible.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.