Somerville, MA – MassDevelopment has issued an $11,444,274 tax-exempt bond on behalf of the Somerville Community Corporation, Inc. (SCC) 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.
“By purchasing and preserving the long-term affordability of housing units in Somerville, the Somerville Community Corporation is working to keep the city vibrant and accessible to all,” said Laura Canter, MassDevelopment executive VP of finance programs. “MassDevelopment is pleased to be a partner in this effort.”
“This financing advances a crucial part of our strategy to keep Somerville affordable and inclusive,” said Somerville Community Corporation CEO, Gonzalo Puigbo.