SCC Breaks Ground for Glen Street Affordable Condos
CEO Daniel LeBlanc, Somerville Mayor Joseph Curtatone, Lionel Romain of the Community Economic Development Assistance Corporation, and Dan May, vice president, East Boston Savings Bank were joined by a crowd of neighbors, city officials and members of the SCC community on Saturday, September 9, 2017, to break ground for new construction of affordable condominiums at 163 Glen Street, East Somerville.
The project by SCC and co-developer Doug George is an adaptive reuse of an old American Legion Post in East Somerville and is the first purpose-built affordable homeownership condominium construction in Somerville in more than a decade.
A Unique Project
A unique feature of the project is that, other than the traditional construction loan from East Boston Savings Bank, it is being financed exclusively from the City of Somerville with funds made available through the Community Preservation Act.
“Since the crash a decade ago, it’s been nearly impossible to build new condo developments where the majority of those condos are affordable,” states Danny LeBlanc, CEO of Somerville Community Corporation. “It’s a testimony to the commitment of the Mayor and his team at the City that we are able to break ground at 163 Glen Street, with eight of the 11 new condos dedicated as affordable, and with funds committed by the City itself.”
In addition to CPA monies, the City is providing funding through the Somerville Affordable Housing Trust Fund, the Somerville HOME allocation and the Community Challenge Grant. Both HOME and the Community Challenge Grant funds are provided to the City of Somerville through the U.S. Department of Housing & Urban Development (HUD).
Affordable Homeownership Opportunity
SCC acquired the property to create 11 condominiums and provide homeownership opportunities for Somerville residents of moderate income. Eight of the units will be designated as affordable, which will allow people at 80%, 100% and 110% Area Median Income (AMI) to purchase housing in Somerville’s very hot housing market. Three units will be market rate, which helps raise additional revenue to support the construction. Learn more about the project.
Community Preservation Act
The groundbreaking kicked-off the City of Somerville’s day-long Community Preservation Act 5th Anniversary Celebration. The Community Preservation Act (CPA) is a Massachusetts state law that enables municipalities to create a steady funding source for affordable housing, historic preservation, open space and recreation land projects.
Playing a pivotal role in bringing CPA to the City, SCC convened a broad base of partners, including Mayor Curtatone, through the Committee for a Stronger Somerville to oversee the campaign for a CPA. The campaign was successful, with the support of over three-quarters of Somerville voters in 2012. Learn more about the Community Preservation Act.