Sponsor: Somerville Community Corporation
Loan Approved: October 21, 1994
MHP committed $490,000 in permanent rental financing to help Somerville Community Corporation aquire and rehabilitate 7 units of rental/condominium units and construct 12 new rental/condominium units.
TYPE: Acquisition and rehabiliation/new.
WHERE: 33 Bow Street, Somerville.
WHAT: The acquisition and rehabilitation/new construction of 19 rental and condominium units.
AFFORDABILITY: 13 of the rental units will be affordable to residents earning at or below 60 percent of the area median income (AMI) and three units will be affordable to residents earning at or below 50 percent AMI.
MHP FINANCING: A permanent first mortgage loan of $490,000.