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Somerville nonprofit receives bond to improve affordable housing
Community Content
The following was submitted by Somerville Community Corporation.
MassDevelopment has issued an $11,444,274 tax-exempt bond on behalf of 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. ....

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