Posted on September 12, 2008
SOMERVILLE, Sept. 12, 2008 --- Community, local and state leaders gathered in early September to celebrate the beginning of the construction of 24 affordable rental units on the campus of the former Saint Polycarp Church, an effort made possible due in part to a long-term loan commitment from the Massachusetts Housing Partnership (MHP).
MHP is providing $2.3 million in long-term financing from its bank-funded loan pool to the project's developer, Somerville Community Corporation (SCC), a non-profit affordable housing organization. Additional funding is being provided by the state through the award of low-income housing tax credits, as well as the state's Housing Stabilization Fund, the Affordable Housing Trust Fund and the Facilities Consolidation Fund.
The project is also receiving funding from the federal government, City of Somerville HOME funds, the Local Initiative Support Corporation and a construction loan from Bank of America. Acquisition financing was provided by the Community Economic Development Assistance Corporation (CEDAC).
The four-story building will feature first-floor commercial space, with residential units on the second, third and fourth floors. All of the units will be affordable between 30 and 60 percent of the area median income, with four units set aside for Department of Mental Health (DMH) clients. The project will feature six one-bedroom units, 12 two-bedroom units and six three-bedroom units.
SCCpurchased the property from the Archdiocese of Boston in 2006. The church building is being sold to the Haitian Nazarene Church of Malden. Another building will be used as a home for single teen-age mothers. SCC is planning to develop another part of the site at a future date.
"This property has served the community as a parish for 75 years," said SCC CEO Dan LeBlanc at the Sept. 5 groundbreaking ceremony. "It's a tall order but we hope to follow up on that social mission with affordable housing that is badly needed in this community."
For more information about MHP's financing of this effort, contact Loan Officer Joshua Lappen at 617-330-9944 x338.