Earlier this month SCC acquired a property that ensures that 20 units of Somerville housing are protected as permanently affordable through the 100 Homes program.That means 20 more households will not have to look over their shoulders, wondering when the next big rent increase would be handed down, or when their property would be sold and they’d be asked to leave.
SCC has been able to make offers on properties since early 2016 and has reached agreement and acquired seven properties, totaling 20 units to date. We’ve been able to act quickly as buyers thanks to a line of credit from the Massachusetts Housing Investment Program (MHIC), and City support through Community Preservation Act (CPA) funds.
Creating More Permanent Affordable Housing
The competition in the Somerville real estate market is fierce, but the early returns on the 100 Homes program are encouraging. We have demonstrated that a nonprofit buyer like SCC, with a cash line of credit and public subsidy funds, can make a real difference in the long-term affordability of the thousands of apartments existing in the old two to six-family homes in Somerville.
Having successfully completed this pilot phase, we look forward to accelerating our efforts to create as much permanent affordable housing as we can in the coming years.