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Somerville Nonprofit Receives $6.9M in Financing

Apr 18, 2018 | Reprints | Unlock Link

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MassDevelopment has issued a $6.9 million tax-exempt bond for Somerville Community Corp. Inc. (SCC), a nonprofit that supports low- and moderate-income Somerville residents by promoting and preserving affordable housing.

SCC will use bond proceeds to buy and renovate nine units of affordable multifamily housing in Somerville as part of the corporation’s “100 Homes Initiative,” which launched in 2015 to help SCC buy and secure the long-term affordability of Somerville properties. SCC also used bond proceeds to refinance previously issued debt, and East Boston Savings Bank purchased the bond.

“Massachusetts residents need safe, secure and affordable homes in order to start families, launch careers and live successful lives,” Lauren Liss, MassDevelopment president and CEO, said in a statement. “We are proud to support SCC’s work to increase access to housing that is affordable to Somerville residents of all economic backgrounds.”

B&T Daily