The Somerville Community Corporation will redevelop the former American Legion Post building into eight affordable units for low- and middle-income households and three market-rate units.
Project complete
09-10-2015
Project Category
Project Details
Housing Units
8
0
8
Acres
0
0
0
0
0
0
CPA Funding
$0
$0
$0
$0
$0
$0
$0
0
$913,762
Other Funding Sources Leveraged
$239,960
$0
$74,000
$2,193,925
$3,000,000 for Community Challenge Grant zero-interest loan to be repaid upon sale of units; $2,158,925 loan from private bank, $35,000 in sponsor loan equity from housing developer
Total Project Cost
$3,421,647
$2,507,885
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